Chances of Yuan Becoming Int'l Currency 'Slim'

      May 12, 2009 11:35

      Paul Krugman

      Nobel laureate Paul Krugman criticized China's economic policy in a lecture he gave in Beijing on Monday, offering a negative outlook for the Chinese currency becoming an international currency in his lifetime and saying that he cannot understand why China spends so much of its trade surplus to buying unprofitable U.S. national bonds.

      Citing the example of the euro, Krugman said while it became the common currency in Europe after long years of negotiation and planning, it still cannot compare with the U.S. dollar. Likewise, he said, it will take long years for the Chinese currency to become internationally viable, and this will be difficult to achieve in his lifetime.

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