It is a pleasure to have the opportunity of commenting on this important paper by Yin-Wong Cheung, Menzie Chinn and Eiji Fujii on the renminbi exchange rate controversy. The issue is incredibly important, as everyone will appreciate. We are better off for having their paper as the basis for discussion. The published version of the paper is considerably revised relative to the version presented at the Santa Cruz conference. It eliminates what I saw as a disjuncture between the empirical results and the authors' interpretation of them. This kind of progress can be a source of frustration for the discussant, since it renders redundant his carefully crafted comments. Presumably, however, it is why we have conferences in the first place.
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