“To be clear, the Chinese yuan is no doubt undervalued,” write three economists in a guest essay. “But the emphasis on the exchange rate as the lever of adjustment is misplaced” https://t.co/v9SF02rXWiIllustration: Dan Williams https://t.co/Ll38Dbigba ...

China’s currency is misaligned “because the underlying policy mix produces too much or too little saving”, argue Gita Gopinath, Pierre-Olivier Gourinchas and Hélène Rey. So, “the exchange rate is a symptom, not the disease” https://t.co/4Fjr8NACCG ...

“To be clear, the Chinese yuan is no doubt undervalued,” write @GitaGopinath, @pogourinchas and @helene_rey in a guest essay. “But the emphasis on the exchange rate as the lever of adjustment is misplaced” https://t.co/IsyqoGePfN ...