From Christoph Herrmann, in the European Yearbook of International Economic Law 2010, an article entitled "Don Yuan: China’s “Selfish” Exchange Rate Policy and International Economic Law."
From the intro: "This paper will deal with the question whether the exchange rate regime operated by the People’s Republic of China is contrary to the rules of International Economic Law, or whether it is merely a—maybe selfish but absolutely lawful—way for the Chinese government to pursue an economic policy it deems appropriate for its country for the time being. The questions dealt with in this contribution are,
however, not limited to the case of China. Other countries have been accused of exchange rate manipulation as well. In the immediate past, the recent economic downturn caused increased concerns about competitive currency devaluations taking place." And from the conclusion: "even the intentional devaluation or suppression of the exchange rate does not necessarily—as I have tried to point out—infringe the WTO agreements."
There are lots of other good pieces in the publication as well. See the TOC here.
