What legal basis is there for retaliating against China’s exchange-rate policy? This column says that IMF rules are likely inadequate to rule against China, while its policy does not constitute a WTO-punishable export subsidy. It argues that exchange-rate conflicts should be handled by a...

The amendment to the US countervailing duties (CVDs) regulations in 2020 enabled the US government to impose CVDs against currency manipulation, and the first two cases under the new rule are being investigated. Because of the potential wide usage and uncertainty in the lawfulness of imposing...