The Myths of The Cheap Yuan
http://www.msnbc.msn.com/id/6999509/site/newsweek/

Even a doubling of the yuan's value is not going to begin to eliminate
China's cost advantages.

By Kenneth Rogoff
Newsweek International

Feb. 28 issue - Politicians around the world seem convinced that if
only China would stop tilting the scales of international currency
rates, many of their economic woes would just melt away. If only
Chinese goods weren't so temptingly cheap, Americans, currently engaged
in the borrowing rampage of the millennium, would suddenly rediscover
their Puritan roots. Mexicans, South Africans and, who knows, maybe
even Europeans might see manufacturing plants again sprouting on their
soil, instead of packing up and moving to China. The popular view is
that by maintaining its decadelong peg to the dollar, China has
prevented the natural currency appreciation that fast-growing economies
normally experience.

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