It will be like water off a duck’s back. They’re puzzled by the criticism. They think they should be praised for keeping their currency stable at a time of global turmoil.

–Nicholas R. Lardy, Peterson Institute for International Economics: NYT. As predicted, Ma Zhaoxu, a Foreign Ministry spokesman, would plead ignorance on Thurdays and say, “wrongful accusations and pressure will not help solve this issue….Judging from the international balance of payments and the currency market’s supply and demand, the value of the renminbi is getting to a reasonable and balanced level.”

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