Photo: Reuters/Jason Lee
Chinese 10-year bonds pay nearly twice as much as comparable US Treasuries. Image: Agencies/Facebook

President Trump this morning tweeted that China and Russia are playing the “devaluation game” against the US.

In fact, China’s Real Effective Exchange Rate (exchange rate adjusted for comparative inflation) has roughly doubled in the past 25 years. In nominal terms, the yuan is 30% higher against the dollar since 2005.

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