The US Treasury has been charged by Congress to assess whether China is a “currency manipulator.” Although President Obama has now delayed for some months when Treasury Secretary Timothy Geithner must issue his report, the very concept of “currency manipulation” itself is flawed: all governments take actions that directly or indirectly affect the exchange rate.
这些危险都与美国刺激力度的不足有关，这些刺激政策既是为了恢复经济，也着眼于安抚国会议员。随着赤字的飞涨，第二轮的刺激政策似乎不可能，并且随着货币政策发挥到极限，通胀鹰派继续大行其道，国会也几乎不可能给予帮助。因此，保护主义正在抬头。