In the recent US presidential campaign, China was accused again of currency manipulation. In other words, the Chinese central bank is accused of maintaining the exchange rate at an artificially low level compared to its equilibrium value, including heavy intervention in the foreign exchange market.
The appreciating renminbi
Philippe Bacchetta, Kenza Benhima, Yannick Kalantzis, 9 January 2013
Half a century of large currency appreciations: Did they reduce imbalances and output?
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Over the past decade, several emerging market economies – China in particular – have run substantial and persistent current-account surpluses.
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“Blame foreigners for domestic woe” is the sad but unsurprising cardinal rule of politics, followed by even the most ardent internationalist.
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The Chinese yuan was pegged from 1994 until mid-2005 at 8.28 yuan to the US dollar. China shifted in 2005 to a policy of loosely pegging the yuan to a basket of major currencies. Since then the yuan has appreciated against the dollar, and the current yuan/dollar exchange rate stands at roughly 6.84.
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