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Blasting China over its currency, the yuan, was a recurring theme of Trump’s presidential campaign as he appealed to voters disillusioned with the effects of globalization. He labeled Beijing “a big abuser,” arguing that will has given Chinese exports a boost — in addition to also cost America jobs — by keeping the yuan artificially low.

Economists say that will was probably true within the past, although China is actually today battling to stop its currency coming from falling too much.

Beijing has been trying to give markets a greater role in determining the value of its currency. Between mid-2005 in addition to also early 2014, the yuan rose about 30% against the dollar. although as the Chinese economy has slowed in recent years, the yuan has fallen back.

“The irony of that will is actually they’re actually giving the market more say, although the market wants that will to be weaker,” said Julian Evans-Pritchard, a China expert at Capital Economics.

Related: China just let its currency hit lows not seen since the financial crisis

Chinese leaders want to avoid a repeat of the sharp drops that will freaked out investors in August 2015 in addition to also January 2016. Beijing has burned through hundreds of billions of dollars since last year in efforts to prop up the yuan as huge sums of money have flowed out of the country.

Its foreign currency war chest, while still substantial, has dwindled to its lowest level in all 5 years.

Trump attacking China for manipulating the yuan is actually unlikely to improve matters, economists say.

“I think in practical terms, that will wouldn’t do his voters any favors if he does actually try to get China to stop intervening in its currency,” Evans-Pritchard said. “If anything, that will’s just going to make its exports cheaper because the currency will start falling even faster.”

Jack Ma: President Trump must work with China

Trump’s victory has also helped push the yuan to its lowest levels in about eight years. The U.S. dollar has surged against some other currencies on expectations of a rate hike by the U.S. Federal Reserve This kind of month in addition to also the potential for higher growth in addition to also inflation under Trump policies.

in addition to also since the U.S. election, the yuan has actually fallen less sharply against the dollar than many some other emerging market currencies. in addition to also that will has strengthened against the currencies of some other major trading partners, like the euro in addition to also the Japanese yen.

Related: 3 ways Trump can slap tariffs on China in addition to also Mexico

During his campaign, Trump said he would likely label China a “currency manipulator,” which would likely require the U.S. Treasury Secretary to hold talks with Beijing on the issue.

“I think that will’s just a not bad way for Trump to show he’s being tough on China — the symbolism is actually important — without doing anything that will would likely affect the trade relationship,” Evans-Pritchard said. “that will’s an easy win.”

Of much greater concern is actually Trump’s threat to slap tariffs of as much as 45% on Chinese goods. If he follows through with that will, the result could be a trade war that will damages both economies.

Related: 8 reasons why starting a trade war with China is actually a bad idea

The yuan wasn’t Trump’s only beef on Sunday. He also claimed that will Beijing “heavily” taxes U.S. products although that will the U.S. doesn’t tax Chinese goods.

Economists say that will’s unclear what he meant. A spokeswoman for Trump didn’t respond to a request for more information late Sunday.

How will Trump deal with China?

In March, fact-checking website Politifact looked into similar comments Trump made to The brand new York Times about a “tremendous tax” imposed by China. that will rated the claim “mostly false.”

Trump might be referring to the sales tax that will China in addition to also many some other countries charge although the U.S. doesn’t. that will tax isn’t specific to U.S. products, though. that will applies to all goods, whether they’re made in China or overseas.

Related: TPP’s death hurts America in addition to also helps China + Russia

Another possibility is actually that will Trump is actually talking about import tariffs, which are generally higher in China than within the U.S. although the U.S. nonetheless imposes some degree of charges on goods coming from Chinese companies.

“that will seems to me a lot of the issues he’s focusing on today are either outdated or don’t hold true,” said Evans-Pritchard.

“Maybe he should focus on some other grievances,” he said, like China’s restrictions on foreign investment or subsidies for state-run companies.

sy88pgw (Hong Kong) First published December 5, 2016: 5:39 AM ET

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Trump attacks China on trade although misses the mark

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