Undervalued and Manipulated?


Evaluating China’s foreign exchange arrangements under the International Monetary Fund and the World Trade Organization.
Michelle Oliel
Pages: 100 pages
Shipping Weight: 350 gram
Published: 03-2011
Publisher: WLP
Language: US
ISBN (softcover) : 9789058506337

Product Description


There has been a growing concern in recent years over China’s alleged unilateral and deliberate intervention in the foreign exchange market to prevent the appreciation of its currency relative to other currencies. By engaging in the alleged practice known as “currency manipulation”, China’s critics argue that its maintenance of an artificially undervalued currency in relation to other currencies provides an unfair competitive advantage to Chinese exporters, thereby thwarting global trade. As a result, the consistency of China’s exchange rate arrangements and foreign exchange market intervention with its obligations, namely those under the International Monetary Fund and the World Trade Organization have been called into question. Although exchange rate matters are traditionally viewed as falling under the jurisdiction of the IMF, the trade distorting effects of China’s exchange rate policies have resulted in calls from lawyers, economists, industry and lawmakers alike, demanding remedial trade measures under the auspices of the WTO. By engaging in a historically and empirically informed legal analysis, Undervalued and Manipulated explores whether China’s foreign exchange arrangements and foreign exchange market intervention are consistent with its obligations under the Articles of Agreement of the IMF and whether international trade measures under the auspices of the WTO can be used as an appropriate response to quell China’s alleged manipulation of its currency.

Michelle Oliel holds a Bachelor of Arts in political science from York University (Canada), a Bachelor of Laws from the University of Windsor (Canada) and a Master of Laws in Public International Law from Utrecht University (The Netherlands). Michelle formerly practiced transactional law at a national law firm in Toronto, Canada and was admitted to the Bar of Ontario (Canada) in 2008. She has worked for the former Prime Minister of Canada, the Minister of International Trade (Canada) and has provided political, strategic and  organizational advice to a number of other public figures. Michelle also has extensive political experience assuming various roles on a number of high-profile political campaigns, including Hillary Clinton’s Presidential Campaign.