Are The Chinese Manipulating Their Currency?

It depends on who you ask. Many small countries peg their currency to the euro or the dollar as a way to better manage their foreign exchange, which China technically doesn't do with the renminbi. However, they take steps to ensure their currency holds less value than the dollar by buying U.S. Treasury notes with renminbi printed, thus also not incurring any debt. It also raises the demand (and the price) of dollars on the Chinese market. So why hasn't Washington complained? Big business. Many of the companies that export from a China with an artificially low currency are run by Americans.