Fri Jul 29th, 2005 at 09:56:07 AM EST
This diary was originally posted on Daily Kos yesterday, and I've reposted it here today at Jerome's request. Some of the more lecture-y bits about China and American attitudes toward it probably don't apply on this blog. I've updated the yuan to the July 29 fixing.
Yes, I know the yuan was revalued a week ago, but a lot of the discussion at the time was poorly informed so I thought I should post a quick diary explaining what happened and why the change in China was at least potentially important economically.
There's been a lot of China bashing on this blog, as there has been in U.S. political discourse generally. A lot of this has been spectacularly ill-informed, or based on conventional wisdom that's distorted or over-simplified or outdated, or what have you. China's government is certainly open to criticism, but ignorant criticism is ineffective.