Floating the renminbi is a red herring

This article by Gerald P O'Driscoll Jr and Lee Hoskins says the citizens of both China and the US will benefit when China moves closer to a market economy. But in the meantime, the leaders of both countries need to avoid protectionism in all forms, including monetary. It also questions, why haven't US officials hectored the Hong Kong government on its currency system?

Gerald P O'Driscoll Jr, formerly a vice president at the Federal Reserve Bank of Dallas, is a senior fellow at the Cato Institute

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