Xinhua recently published an article suggesting that the U.S. is the country unloading the financial crisis burden onto other countries by manipulating the dollar exchange rate. During 2005 and 2008, the Chinese currency, the RMB, had an appreciation of 20% against the U.S. dollar, while the trade surplus increased. Then last year, the RMB exchange rate remained stable, while the trade surplus decreased. This was considered proof that a higher RMB exchange rate does not help U.S. exports. The author believes that the U.S. is taking advantage of the dominant position of the U.S. dollar to increase the cost of Chinese exports, thus increasing the competitiveness of U.S. products in the domestic market.
Source: Xinhua, March 26, 2010