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Abstract: A drastic yuan appreciation may price many Chinese goods and
businesses out of world markets but is unlikely to reverse consumer demand for
lower-priced products from efficient producers in the developing world. Rather than
changing the fortune of US exports and jobs, a looming global currency war would
see no winners. It would only deepen the mistrust between countries, especially the
US as the only superpower and China as a rising power, whose mutual cooperation is
essential for a speeder economic recovery and grappling with the many global
challenges of the coming decades.
supply world demand for Dollars but such a deficit will, in time, lessen the value of
the Dollar and endanger the entire global currency system.
(2) For example: J f. Garner, The Rise of the Chinese Consumer:
Theory and Evidence, John Wiley & Sons, 2005 and The Value of China's Emerging
Middle Class in the McKinsey Quarterly, 2006
(3) Stephen Roach, Next Asia: Opportunities and Challenges for a New Globalization,
Wiley, 2010
(4) Global Trends 2025: A Transformed World, National Intelligence Council,
Washington D.C, November 2008
(The following until 19 May 2010, on permanent relocation back to Hong Kong)
Founding Chairman, China Group, Institute of Directors City Branch, London, UK
Vice Chairman, 48 Group Club, UK
China Group Leader, Elected Fellow on Executive Committee of Royal Society for the Encouragement of
Arts, Manufactures and Commerce (RSA), London Region
Governing Council Member, Kings College London, UK
Advisory Board Member, China Policy Institute, Nottingham University, UK
Included in UK's Who's Who since 2002
Awarded the Silver Bauhinia Star (SBS) in the July 2005 Hong Kong Honours List
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