Since joining the WTO in 2001 China has bumped up its exports worldwide resulting in unemployement in many parts of the word, thus shifting its problems overseas. Matters are now coming to a head in the current complaints of its exchange rate. In 1995 GATT became the WTO and in 1996 gold disengaged with the $US and has wandered about until recently. The WTO problem is now the push beneath the gold price as America and other countries suffer from the Chinese competition in consumer goods. Textiles has become the recent focus with many industries close to bankrupcy around the world. China has figures of up to 140% annual increases in exports to some countries. Can the WTO survive under this pressure and will we go back to gold?
