renminbi

The lower the value of the renminbi, the cheaper Chinese exports and the more expensive the American exports.

When Beijing pays for those dollars with renminbi, it inflates its own money supply.

Beijing needs to be concerned that a weakened Obama will be in no position to veto legislation targeting the renminbi.

Up until then, the Chinese central bank had pegged the value of the renminbi to the dollar.

By keeping the renminbi artificially low, the central government makes Chinese exports cheap in foreign countries.