Renminbi Subvalorizado: Quem Paga a Conta?

Países pobres e mercados emergentes, como argumenta Arvind Subramanian, no FT:

"... an undervalued exchange rate is above all a protectionist trade policy, because it is the combination of an import tariff and an export subsidy. It follows therefore that the real victims of this policy are other emerging market and developing countries – because they compete more closely with China than the US and Europe, whose source of comparative advantage is very different from China’s."