Fred Bergsten Currency Quotations

Hence China's currency policy has taken virtually all of Asia out of the international adjustment process.

It's a big mistake not to label China if the U.S. law has any meaning. They are still intervening massively to keep their currency from rising. I don't see how you can not define that as manipulation.

The failure of China to permit its currency to move, as most other countries in the world are doing, leads to a major protectionist trade reaction here in the United States.

The euro will start to challenge the dollar as the world's lead currency as soon as the European Central Bank and the new currency establish their credibility -- which will probably be quite soon.