Over the last few years, emerging-market countries like Brazil have openly accused slow-growing advanced countries like the United States of unfairly pushing down the value of their currencies with their aggressive monetary policies. And, for years, the United States has accused export-reliant emerging economies, in particular China, of manipulating their currencies, too.
More recently, in Japan, stimulus programs backed by the newly elected prime minister, Shinzo Abe, have kept interest rates near zero and flooded the economy with money, which has reduced the cost of Japanese products around the world.China has capital controls which prevent inflation and "hot money." It has a trade surplus. It intervenes in foreign exchange markets by buying U.S. Treasuries. That's manipulation. This article neglects to mention this info.
The U.S. has a trade deficit and a large output gap. It's reasonable to try to stimulate the economy after a financial crisis. A stronger U.S. economy will be able to buy more exports from countries like Brazil.
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