On the Yuan, Be Careful What You Wish For

摘要

There's a dangerous fantasy taking hold in Washington: The U.S. can force China to strengthen the yuan. Since the beginning of September the Chinese currency has appreciated about 1.8 percent against the dollar; China may be allowing it to drift higher to stave off American retaliation. Bills pending in the House and Senate would push the Administration to penalize Beijing through tariffs if it doesn't let the yuan rise further.