A lot of the discussion about the depreciation of/undervaluation of China's real effective exchange rate takes for granted that this is about the currency. After all, it's called the "exchange rate"! But it's actually not. Mostly, it's about prices. A rant 1/
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And this in turn means that if we really want to find a way out of the impasse, advocacy for protection and support should be tied to demands for systematic reform.
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