China Implements Price Controls to Deal with Inflation
Inflation keeps rising in China, largely as a result of the Chinese currency still being mostly pegged to the dollar. Looks like China’s government has decided to do something about it - impose price controls. Never really the smartest way of dealing with inflation, but it’s a nice thought (excerpt from today’s Wall Street Journal):
The Chinese government froze prices that it controls for the rest of the year, in the latest sign of Beijing’s mounting concern over inflation… which reached 6.5% in the year through August, the highest level since 1996.
