• memfree@lemmy.ml
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    2 days ago

    No one has mentioned the financial manipulation? I’ve heard policy wonks rant about it for decades. From Bloomberg:

    Starting in the mid-1990s, China spent a decade regularly intervening in the foreign-exchange market to keep the yuan at a pegged rate to the dollar. Policymakers were essentially maintaining an undervalued exchange rate to help exporters and further the process of industrialization.

    From a library of congress snippet about China/U.S. trade:

    China’s currency, the renminbi (RMB), had been undervalued for many years with Chinese government’s continual intervention in setting a target rate for currency exchange. Undervaluing their currency made Chinese exports more competitive, attracted foreign investment, and made imports less competitive.