President Trump this morning tweeted that China and Russia are playing the “devaluation game” against the US.
Russia and China are playing the Currency Devaluation game as the U.S. keeps raising interest rates. Not acceptable!
— Donald J. Trump (@realDonaldTrump) April 16, 2018
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.