but nowhere more so than in China, the world’s second-biggest oil consumer, whose policymakers fully expect their currency to have to be revalued, hitting cheap energy-guzzling producers,

Err, a revaluation of the currency would make imported oil cheaper for those paying in domestic currency…..

1 thought on “Eh?”

  1. Good spot. I can only – and this is at a stretch – assumes he is trying to say that China’s export sector has relied on an undervalued currency, and when it is no longer, they will need to cut domestic costs, and energy is a huge part of that. Of course as you say that cost will naturally fall in price with a revaluation, but perhaps he is saying that they’ll still need to cut it beyond that because their other costs won’t fall in price.

    It’s hardly the greatest argument, I admit.

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