In this video, Mr. Benjamin Wey, president and co-founder of New York Global Group (NYGG), discusses yuan currency issues, as well as the economies of both China and the U.S. on FOX Interviews with Brian Sullivan. Sullivan had questions regarding the yuan’s value and Chinese currency for Mr. Ben Wey. Financial times in the U.S. have led to much speculation on the topic.
Mr. Wey said: “My view is pretty straightforward; people have different opinions towards currency value, and what’s the right value, and what it does it do to jobs? I really do not believe currency is a major issue that has created the imbalance between U.S. and China trades.”
When asked about the yuan’s trade, he said: “I believe the yuan, were it free floated, would be trading exactly like what it is now.”
“If a Chinese currency were pushed an additional 2%, according to a survey by the Ministry of Commerce which was done in the first quarter of 2010, China would lose a significant number of jobs- tens of millions of people would have no jobs. What that means, Brian, is China would have a revolution, and I don’t believe you and I want to have a revolution in China.”
