Except this ignores the role that the level of the RMB plays in causing (historically and presently) the imbalances complained about. If countries running trade surpluses recycle them into dollars, what the $@!# is the US supposed to do with those dollars? (Well, it would have been nice to have invested them in productive capital assets, but why wouldn't that have just caused other currencies to appreciate more slowly? The level of various fixed exchange rates over the years has been chosen to achieve trade goals.) - Daniel Dulitz