The incumbent superpower has blinked in its confrontation with the rising one: the US Treasury has decided to postpone a report due by April 15 on whether China is an exchange-rate manipulator. Since a programm of multilateral and bilateral consultations is under way, it was right to give these discussions a chance before taking any action.
For more FT.com / Columnists / Martin Wolf - Evaluating the renminbi manipulation
For more FT.com / Columnists / Martin Wolf - Evaluating the renminbi manipulation
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