The Weak Renminbi is Not Just America’s Problem

ft.com — Branding China a currency manipulator would be explosive. Beijing would not take kindly to being chastised formally. It is likely to respond in kind, and it is safe to assume that changing its currency policy will not be part of that response. Yet ducking the issue also carries costs. Is there a way out? The key is to recognize that the renminbi is a problem not just for the US but the world and, as such, requires a multilateral rules-based solution rather than a bilateral confrontation between Washington and Beijing.

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