Some people argue that China has manipulated its currency, the Renminbi (RMB), to unfairly promote its exports. Which of the following is a VALID argument against this claim?
A.
China has trade surpluses with the US, Asia and the rest of the world
B.
China strictly pegs the RMB to the US dollar at all times so cannot be accused of manipulating its currency
C.
China depreciated its currency after the Asian financial crisis
D.
The RMB has recently appreciated against the US Dollar which makes China’s exports more expensive (i.e. fewer RMB per USD)