Faced with the possibility of a global currency war Western countries are increasing their scrutiny of China’s currency policies accusing Beijing of intervening in the markets to keep China’s currency weaker than it would be otherwise. In the U.S. politicians and regulators say such tactics undermine efforts to boost exports and thus take away jobs from American workers. But the controversy is more complicated than that and touches on policies and attitudes that go back decades. Knowledge at Wharton spoke with Wharton professors Franklin Allen and Mauro Guillen about what is at stake and why this particular conflict is so difficult to resolve.
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