Plaza Accord 2.0 talk won’t fix anybody’s China problem

TOKYO — Enter German Chancellor Friedrich Merz as the latest to suggest a Plaza Accord 2.0 is needed to knock China’s export competitiveness down to size. Merz argues the yuan is 30% undervalued, accuses Beijing of “flooding global markets” with artificially cheap goods and warns that its state-subsidized overcapacity is destabilizing an already fragile world economy.
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