Michael Pettis On China's Currency and The Plaza Accord

From Professor Pettis' Twitter feed:

...even before the accord, which set off the monetary expansion that was the counterpart of Japan’s large trade surplus.
Yen appreciation should have resolved this, but the problem was compounded after the Plaza Accord when Tokyo countered yen appreciation by lowering...

— Michael Pettis (@michaelxpettis) October 25, 2019

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