The Return of the Renminbi Rant
China’s currency, the renminbi, has been weakening in recent months, resurrecting familiar US charges of official manipulation and beggar-thy-neighbor mercantilism. But this timeworn charge – politically inspired and grounded in bad economics – diverts attention from far more important issues affecting the US-China economic relationship.
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NEW HAVEN – China’s currency, the renminbi, has been weakening in recent months, resurrecting familiar charges of manipulation, competitive devaluation, and beggar-thy-neighbor mercantilism. In mid-April, the US Treasury expressed “particularly serious concerns” over this development, underscoring what has long been one of the most contentious economic-policy issues between the United States and China.