A currency war averted

“It is always pleasing when Donald Trump manages to hit upon a sensible policy and listens to the voices of reason within his administration,” says the Financial Times. He had threatened to brand China a currency manipulator, but has now retreated from that position. His argument used to be that China artificially depressed the value of its currency in order to gain an unfair advantage for its exports.

This was “never a convincing charge”, as Oliver Kamm notes in The Times, but to the extent that it was ever remotely valid, it now “no [...]

Merryn

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