The US accepted the lower valuation of the renminbi as long as China returned the dollars that it earned from bilateral merchandise trade by financing America’s budget deficit. Now that the Chinese prefer to invest that money in raw materials in Africa and elsewhere, they have aroused the full ire of American policymakers.
原因在于资本的流动。以前中国用中美商贸中赚得的美元来填补美国的财政赤字，因此美国接受人民币的低估值。而今，中国人喜欢把资本投入到非洲和其他地方的原材料上，这让美国决策者愤怒不已。