Mises Wire
Author:
Tho Bishop
Online Publish Date:
This week the Bank of China announced a devaluation of the yuan to roughly ¥7 to $1, a par last seen in April of 2008. The Trump administration retaliated by designating China as a currency manipulator, a move Washington has long threatened but had never acted on. The irony here is that China had been artificially propping up – rather than holding