True, other countries have suffered greater setback in foreign trade - which perhaps helped China to overtake Germany as the world's second largest exporter last year.
But their exports dropped largely because of two factors, both unrelated to China's exchange rate policy. First, declining incomes and greater job insecurity in wealthier economies have shifted consumer demand toward less expensive goods. Second, last year saw the end of the EU and US quota on the import of Chinese textiles and footwear. [Full Story]
China's central bank will keep the yuan's exchange rate relatively stable this year and deepen coordination with other countries on major policy issues.
Given America's high jobless rate and sluggish economic recovery, a revaluated yuan can only hurt its consumers. This, therefore, is one area in which the Obama administration should be clear about its priorities. [Full Story]
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