Although US politicians focus on the bilateral trade deficit with China – which is persistently large – what matters is the multilateral balance. When demands for China to adjust its exchange rate began during George W. Bush’s administration, its multilateral trade surplus was small.
美国国会授权财政部评估中国是否为“货币操纵国”。虽然奥巴马总统要求财长蒂莫西•盖特纳把报告的发布时间推迟数月，然而这个“货币操纵”概念本身就是有缺陷的。所有的政府都采取会间接或直接影响汇率的行动。无节制的财政赤字会导致货币的疲软，低利率也会如此。在最近的希腊危机发生前，美国得利于低的美元/欧元汇率。那么欧洲人是否应该指控通过美国“操纵”汇率，加大出口，进而损害他们利益呢？