We Are Shocked, Shocked To Find Policymaking Going On In Here

There was nothing new of substance in Vice-Foreign Minister Cui Tiankai’s briefing ahead of the G-20 summit in Seoul, but this Bystander couldn’t help but allow himself a wry smile at Cui’s criticism of a U.S. proposal to set current-account targets at the meeting. “The artificial setting of a numerical target cannot but remind us of the days of planned economies,” Cui said (via Reuters), and we assume he knows of what he speaks. Cui, who is one of China’s main negotiators at the G-20, also brushed aside suggestions that a target should be set for the Chinese currency’s appreciation. “That would indeed be asking us to manipulate the renminbi’s exchange rate, and it is something that we will of course not do.” Quite.