What to do about China's currency?
With the Obama administration stepping up pressure on China to change the way it manages its currency, The Post asked experts and legislators what can be done. Below are contributions from C. Fred Bergsten, Mark Zandi, Douglas Holtz-Eakin, Kenneth Lieberthal and Rep. Sander M. Levin.
China's massive intervention in the foreign exchange markets has produced an undervalued currency that subsidizes all Chinese exports by at least 20 percent and protects all Chinese imports by at least 20 percent. The U.S. global trade deficit is $50 billion to $100 billion higher and perhaps 500,000 good jobs in this country are displaced as a result.… Seguir leyendo »