Jones Says Renminbi Gain Would Add More U.S. Jobs
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Paul Tudor Jones, founder of $11.5 billion hedge-fund firm Tudor Investment Corp., said a revaluation of China’s renminbi would do more to cut U.S. unemployment than asset purchases by the Federal Reserve.
A 30 percent revaluation of China’s currency against the dollar over two years, followed partially by other nations such as Brazil, Russia and India, would result in a trade-weighted 8.5 percent depreciation of the U.S. currency, Jones said in an Oct. 21 investor letter. This strategy would create 3 million jobs in the U.S. and cut the unemployment rate by 1.4 percent by 2014, he said.