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It's not just an undervalued yuan that causes China's large trade surplus with the U.S., argues...

It's not just an undervalued yuan that causes China's large trade surplus with the U.S., argues Patrick Chovanec, pointing out the yen's surge against the dollar in the late 80s didn't impact the trade imbalance. Market access is of far more import. Money is flowing out of China now, he says. If the PBOC stopped intervening, the yuan would probably fall.
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