Catch up on global daily news
Compelling long reads
Tune into captivating conversations
Watch engaging short films
Behind the scenes at The Economist
Demanding that China revalue the yuan gets both the diagnosis and the cure wrong, write Gita Gopinath, Pierre-Olivier Gourinchas and Hélène Rey
Catch up on global daily news
Compelling long reads
Tune into captivating conversations
Watch engaging short films
Behind the scenes at The Economist

Treating it as a mere by-product of deeper distortions lets China off too easily, argue Anantha Nageswaran and P.S. Srinivas

It says the currency is 16% cheaper than it should be

The world’s second-biggest economy is stumbling into fiscal austerity

It is suffering economic costs for its industrial dominance

The suspects look familiar

It has the world’s most undervalued currency and one of its biggest trade surpluses