China's exchange rate continues to be blamed for global economic imbalances, with the economist Paul Krugman one of Beijing's staunchest critics. Even after China announced a change in its currency policy in June, Mr Krugman argued that it did not “address the real issue, which is that China has been promoting its exports at the rest of the world's expense”. Yet, arguably, it is the Nobel Prize-winning ideas that Mr Krugman developed three decades ago, not currency manipulation, that have led to China's unparalleled growth.
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