That's from Mark Wu, writing in the NY Times. But just to be clear, he is not saying that China's currency policies are not a problem, but rather that they are everyone's problem, not just a problem for the U.S.:
China’s currency policies have led to unhealthy artificial distortions in the Chinese and world economy. They also fuel currency wars that threaten to undermine the cooperation needed to sustain a global recovery. And while the effect on American workers is far less than imagined, workers in the developing world stand much to gain from a faster renminbi appreciation.
We should discuss currency issues with China, but the exchange rate should not be at the top of the bilateral agenda. The issue is best left to the Group of 20, for this is as much the rest of the world’s problem as it is ours. ...
Of course, there's also the WTO and the IMF to deal with multilateral issues.
At some point, will we see a coordinated effort to take action on this issue?
H/T Scott Lincicome
