It's unreasonable to ascribe China's trade surpluses to the yuan's exchange rate

Industry insiders say it's unreasonable to ascribe China's trade surpluses to the yuan's exchange rate. In fact, a major reason is that US has set too many limits on high-tech exports to China. During the global financial crisis, China endured great pressure and resisted depreciating its exchange rate. This helped stabilize Asia's financial market. The yuan appreciated nearly 15 percent from July 2008 to February 2009, while the US dollar depreciated. This makes it hard to argue that the RMB's undervalued.