Commentary: No ‘competitive devaluation’ in China
By Mark Sobel in Washington
When the Trump administration asserts that China steals intellectual property, violates foreign investor rights, engages in wholesale subsidisation of the economy, and raises questions about industrial policy pursuant to ‘Made in China 2025’, it stands on solid ground. Assertions about ‘competitive devaluations’ by China, however, do not stand up to scrutiny. The renminbi’s decline primarily reflects a strong US economy...