Those who worry that the renminbi, yen, and won are undervalued vis-à-vis the dollar are usually focused on the large trade and current-account surpluses that China, Japan, and Korea run with the US. But coordinated intervention in currency markets will not address the fundamentals underlying these imbalances.
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Elaine Misonzhnik is Senior Editor, Investments at Wealth Management, focusing on alternative investments. She has over 20 years of experience as a business reporter and editor, including for Retail Traffic and National Real Estate Investor magazines. Prior to her current role, she was the Executive Editor at Wealth Management Real Estate, which covered the intersection…
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CAMBRIDGE—Major Asian currencies’ exchange rates are again at the center of debates in international monetary economics. With China, Japan, and South Korea all running trade and current-account surpluses, and the United States running corresponding deficits, some argue that the renminbi, yen, and won are undervalued. But given the fundamentals underlying these imbalances, foreign-exchange intervention is unlikely to do much good.