"What do you think the Chinese have been doing for years?
"There currency is deflated purposefully to make their exports cheaper, either way the Yuan must be floated or the $US devalued, the effect will be the same."
The strange thing is, there was no complains, say, 5 years ago, the Americans were happily importing cheaply priced Chinese made products :-)
I am sure you are aware that a low exchange rate has two edges: good for export but expensive for imports. It is a balancing act in one's national interest.
