I. INTRODUCTION
During the past year, there has been considerable debate about, and much international criticism of,
China’s exchange rate and its currency regime.
Yes, criticism of China in the United States would likely be more muted if the ongoing recovery
were not so “jobless,” if employment in the US manufacturing sector had not (mainly for other reasons)
declined so much in the three-year run-up to this presidential election year, if so much attention were not
focused on the very large bilateral US trade deficit with China instead of China’s economically—more
meaningful overall balance-of-payments position, and if the United States had not done such a poor job of
improving its saving-investment imbalance—particularly in the public sector.
Yes, Euroland’s criticism of China would no doubt be less pronounced if Europe had not
compiled such an anemic average growth performance over the past three years, if the European Central
Bank had been somewhat more aggressive in......
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