The argument for legislative action is tantalizingly simple: the US merchandise trade deficit has averaged a record 4.4% of GDP since 2005, with China accounting for fully 35% of the shortfall, supposedly owing to its currency manipulation. The Chinese, insists a broad coalition of politicians, business leaders, and academic economists, must revalue or face sanctions.
立法行为的理由惊人地简单：自2005年以来，美国平均商品贸易赤字达GDP的4.4%，创下了历史之最，中国贡献了其中35%，据信这是它操纵人民币汇率的结果。大批政客、商人和经济学家众口一词，坚持人民币必须升值，否则就应该对中国采取制裁。