Mark Wu, New York Times
Cambridge, Mass. WHEN President Hu Jintao of China visits Washington this week, many Americans will clamor for Beijing to stop manipulating its currency. We think we are being cheated on a huge scale, but we should reconsider. When it comes to lost jobs, the negative impact of China's currency, the renminbi, is less than one might think. Adjusting the exchange rate should not take priority over more vexing issues like North Korea, Iran and bilateral trade. Since China agreed to a more flexible exchange rate last summer, its currency has appreciated a measly 3.6 percent…
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