China's currency manipulation is bad policy. So is the Senate's latest crackdown on it. The bill passed yesterday is not only bad policy, but unnecessary. Here's why.
First of all, before we get hysterical about Chinese policy, we
should recognize that currency manipulation is the global norm, not the
exception. By a recent count, only 14 percent of the IMF's member
nations allow their exchange rates to float freely. Some 58 percent
manipulate their exchange rates by holding them above or below the level
to which the market would move them. READ MORE>>>