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Who is the Exchange Rate Manipulator: China or America?
Abstract
The manipulation of the US dollar and other countries' currencies has been a longstanding American prerogative, thus American politicians and scholars are accustomed to labeling countries that fight against American policies on the US dollar as “currency manipulators.” The substance of America's accusation of currency manipulation against China is that when America starts to control dollars in order to transfer its domestic economic problems abroad, China is expected to do nothing and simply live with an unstable RMB exchange rate. Obviously, there is a great difference between China and Japan. China will never allow itself to become “the second Japan” that swallows bitter pills like the Plaza Accord.
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Author and article information
Notes
K. Marx, Das Kapital , Volume 1 (Beijing: People's Publishing House, 1975), p. 199.
M. Hudson, Financial Empire (Beijing: Central Edition and Translation Publishing House, 2008), p. 401.
P. Krugman, “Time to Take on China,” New York Times , March 16, 2010, http://www.nytimes.com/
P. Krugman, Exchange Rate Instability (Cambridge, MA: MIT Press, 1988), pp. 95–96.
W. Mondale, “It is Unfair for the United States to Accuse China of ‘Manipulating its Currency,’” Financial Report of the 21st Century , March 5, 2009.
Joseph Stiglitz, The Fall of the Free Market (Mechanical Industry Press, 2011), p. 201.
See “The Issue of RMB Exchange Rate Should Not Be Politicized,” Shenzen Economic Daily , March 21, 2010, Version 1.