Rapid growth in imports of merchandise from China over the past decade has posed a challenge for competing US manufacturers. Some observers believe that the Chinese government has contributed to growth in US imports by maintaining an undervalued currency, and there have been calls for China to revalue its currency, the renminbi—that is, to raise its value (or allow it to rise) relative to the dollar—as a way to level the playing field for US manufacturers. The value of Chinese imports to the US quintupled between 1997 and 2007, rising from $65 billion to $342 billion. By comparison, during the same period, the value of such imports from other countries doubled, growing from $825 billion to $1,664 billion. By 2007, China was the largest supplier of U.S. imports, accounting for 17 percent of all imported manufactured goods. A...
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