Yuan Revaluation

The China Currency Syndrome – Review & Outlook, The Wall Street Journal
“To the extent that a revalued yuan raises production costs in China, some of its manufacturing will move to Vietnam, Bangladesh or other lower-cost countries…As for the U.S., the yuan has become a convenient scapegoat for Washington’s policy mistakes. The neo-Keynesians who’ve been running U.S. economic policy since 2007 promised that their stimulus would deliver millions of new jobs. Now that those jobs have failed to materialize, Democrats blame China’s exchange-rate policy. But no country in history has devalued its way to prosperity, and the U.S. won’t be the first.”