by Calculated Risk on 6/24/2010 11:59:00 PM

Just a couple of depressing articles ...

From Paul Krugman in the NY Times: The Renminbi Runaround

As of Thursday, the currency was only about half a percent higher than its typical level before the announcement. And all indications are that watching the future movement of the renminbi will be like watching paint dry: Chinese officials are still making statements denying that a rise in their currency will do anything to reduce trade imbalances, and prices in the forward market, in which traders agree to exchange currencies at various points in the future, suggest a rise of only about 2 percent in the renminbi by the end of this year. This is basically a joke.

From Michael Pettis: What might history tell us about the Greek crisis?