U.S. Yuan Debate Ignores Economic Realities, China’s Currency Reforms

The Currency Exchange Rate Oversight Reform Act, approved in the U.S. Senate last week by a majority of 63 to 35, risks damaging U.S.-China relations and further eroding Washington’s economic standing in the international community, and all for very little reward. The bill calls for retaliatory trade measures against countries that maintain an undervalued currency, and while it does not mention China by name, the United States’ largest trading partner is clearly its main target. The Chinese yuan is without doubt undervalued, but this is only one of a number of factors contributing to the U.S. trade deficit. Moreover, at […]

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