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In the US the conventional view of global imbalances is that China is a currency manipulator - by accumulating reserves it artificially undervalues its currency, gains unfair trade advantages, and drives the US into trade deficit and debt accumulation (Goldstein and Lardy, 2009). Even though US current account as a % of GDP decreased somewhat in 2007-09, it remains large and is projected to widen again in 2010-11, and the US net international indebtedness approaches 30% of GDP.
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