Absolutely. But with the current peg, where USD goes so the CNY goes. Given that only 20% of Chinese exports are to America, China is becoming uncompetitive on

Absolutely. But with the current peg, where USD goes so the CNY goes. Given that only 20% of Chinese exports are to America, China is becoming uncompetitive on its trade-weighted basket and must adjust in the same direction as other currencies, that is, weaker vs USD.