Remember when currency policy, rather than maritime disputes, used to top the agenda for US-China relations?
Washington long complained that Beijing kept its currency artificially weak, helping the country win manufacturing business and amass roughly $4tn in foreign exchange reserves.
For a while, appreciation proved an effective antidote – a stronger renminbi meant a quieter US Treasury. Between the summer of 2010 and January this year, the renminbi had risen almost 12 per cent against the dollar, to reach its highest level in almost two decades.
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