China has been manipulating its currency, just not in the way Trump has accused it of. Where, a decade ago, China did deliberately depress its exchange rate as part of its then-mercantilist policies, in recent years it has pursued a stable and stronger renminbi as its economic policies have swung away from export-led growth to consumption and the cautious opening up of its economy to external capital.
Thus, for the moment at least, it suits China to defer to the US demands for it to maintain an exchange rate against the dollar that is higher than it would be if market forces were left unchecked - to manipulate its currency in the opposite direction to the one the US has traditionally accused it of doing. In the longer term, whether falling into line with the US demands is a sensible decision is questionable.
Legend.
Trumpy wins again
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