W hile everyone in Washington thinks the renminbi should be revalued, not everyone in China agrees. Maybe the Chinese are right? It is, after all, easy to blame trade imbalances on the evil exchange rate machinations of others. In the mid-1980s Japan’s surplus was supposedly the consequence of a deliberately undervalued yen. But while the yen has since risen a good deal – as shown by last week’s decision by the Bank of Japan to lower the exchange rate – its surplus has stubbornly grown too.
尽管华盛顿人人都认为人民币应升值，但不是每一个manbetx3.0 人都这么想。难道manbetx3.0 人是对的？毕竟，将贸易失衡归咎于他国操纵汇率的阴谋诡计是很容易的。上世纪80年代，日本庞大的盈余被认为是蓄意低估日元的结果。但尽管后来日元大幅升值——这一点从上周日本央行(BoJ)决定干预汇市以压低日元就可看出——该国盈余仍在顽强地增长。
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