Some have argued that China currency manipulation does not make a difference.  Few.  But some.

This week's trade deficit figures show that currency values matter.  Currency is core.  The trade deficit is still unsustainable and devastating, but down 7.6% from last year's record high. 

The dollar's weakness made our goods cheaper.  China's government enforced yuan weakness makes their goods 40% cheaper every year, economy wide.  That is why they are our banker, and 1/3rd of our trade deficit is with China.

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