PBOC pushes back against RMB undervaluation claims
The PBOC has attempted to set the record straight on the nature of its FX intervention and refute claims that currency depreciation is driving China’s soaring trade surplus. While we agree that a stronger renminbi alone is not a viable solution to global imbalances, we think the PBOC ignores the role that domestic policy distortions have played in both boosting exports and holding down the exchange rate.
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