China “cheats” in the sense that they suppress their currency. In theory the profits from successful exports should go back into the Chinese people’s pockets a

China “cheats” in the sense that they suppress their currency. In theory the profits from successful exports should go back into the Chinese people’s pockets and China should become much richer than it is. But the CCP cannot abide that scenario, so they sell yuan and buy dollars to keep the price down. I do not think they can do this forever.