Eli5 Why is the value of the Chinese Yuan small compared to other countries (excluding US) even though it has the second largest economy in the world?
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The yuan does not freely trade on monetary exchanges. Originally China dictated the exchange rate, but later came up with a scheme where it was supposedly allowed to float on international currency markets, but China controlled the availability of funds allowed to float so they could keep it within their designated trading range. It is those actions that have been the basis for charges of currency manipulation in US politics for the past 25 years
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