Analysis: Yuan move alone won't alter US or European growth - Reuters

WASHINGTON/PARIS (Reuters) - China's looser grip on its currency won't alter sluggish U.S. or European growth prospects unless Beijing is prepared to assume the mantle of the world's consumer of last resort.

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In the short run, a stronger yuan would help neutralize a small but worrisome deflation threat in advanced economies, and boost prospects for U.S. exporters hurt by a weak euro.

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If Saturday's surprise announcement of greater yuan flexibility is to pay long-term dividends, however, China will need to back it up with structural shifts that encourage its consumers to spend more and save less.

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