Foreign Policy: Let the Global Race to the Bottom Begin
Why China needs an overvalued currency to unwind years of undervaluation and manipulation. On Aug. 11, the People’s Bank of China announced a decision to devalue China’s currency — the renminbi, or RMB — by 1.9 percent, by resetting the daily band within which it’s traded. That’s the largest single-day devaluation in the RMB since…