, Columnist
The Real Currency Manipulators Get Off the Hook
Despite all the bluster, China isn’t the worst perpetrator. Strategic U.S. allies like Taiwan, Malaysia and South Korea get a lot more leeway.
Thailand gets off easy.
Photographer: PORNCHAI KITTIWONGSAKUL/AFPThis article is for subscribers only.
When is a currency manipulator not a currency manipulator? When it’s your friend.
That’s the best conclusion to draw from the U.S. Treasury Department’s latest report on the macroeconomic and foreign-exchange policies of major trading partners, handed up to Congress Wednesday.