An opinion piece carried by the South China Morning Post (SCMP) on Thursday, argues against China being a currency manipulator while suggesting that it’s the US that manipulates the greenback.
“Through quantitative easing, US Federal Reserve Board policymakers have been engaging in "competitive devaluation" of the US dollar.
Encouraged capital to seek higher yields.
American capital was free to go anywhere, it drove up the exchange rate of every other currency in the world, driving Japan and the Eurozone to launch their own "competitive" quantitative-easing schemes to counter the devaluation of the US dollar.
This is currency manipulation par excellence.”
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