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Don’t Worry about the Yuan: A crude attempt to “realign” China’s currency would do more harm than good

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Publication Date: January 2008

Publisher(s): Hoover Institution on War, Revolution, and Peace

Funder(s): Hoover Institution on War, Revolution, and Peace

Funder(s): Hoover Institution on War, Revolution, and Peace

Topic: Banking and finance (Currency)
Economics (Economic relations)

Keywords: China; Yuan; Exchange Rates

Type: Brief

Coverage: China

Abstract:

The Currency Exchange Rate Oversight Reform Act of 2007, a bill supported by Democratic chairs and ranking Republican members of the relevant committees in the Senate and House that would punish China for its “misaligned” currency, the yuan, is based on the mistaken premise is that this misalignment threatens our prosperity by causing America’s large current-account deficits with China.