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Just as the global economy is tentatively re-establishing its footing in the aftermath of the financial crisis, a fresh wave of controversy threatens the nascent stability. Since his first trip to China in November 2009, President Obama has increasingly expressed concern that the weakness of China’s currency may disrupt the fragile balance of world trade. He has not been alone in his concern — the European Central Bank, the International Monetary Fund and many Western economists have also called for China to revalue the yuan to be more in line with the U.S. dollar and other major global currencies. Most estimates of the yuan’s undervaluation fall between 25 percent and 50 percent, an undervaluation that effectively subsidizes China’s exports and imposes a tax on its imports.
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