So where did the currency wars go? The renminbi and yen are at their weakest against the dollar since 2008 and 1990, respectively. The Chinese current account surplus, properly measured, is probably at or approaching a record high. The White House is obsessed with boosting US manufacturing and what it regards as unfair competition from China. Yet Joe Biden and Xi Jinping met on Wednesday and exchange rates were barely, if at all, on the agenda. While this is a lull, it is highly unlikely to be a permanent peace. The factors that created battles over currency misalignments have not gone away. China in particular is threatening to return to the sort of mercantilist behaviour that started protracted tensions 20 years ago.
那么，汇率战去哪儿了？人民币和日元对美元的汇率分别处于自2008年和1990年以来的最低水平。按照恰当的衡量方法，manbetx3.0 的经常账户盈余很可能处于——或接近——创纪录高位。白宫念念不忘提振美国制造业，并纠结于它眼中来自manbetx3.0 的不公平竞争。然而，美国总统乔•拜登(Joe Biden)与manbetx3.0 国家主席习近平周三会晤时，汇率问题几乎不在议程上。