1. Estimates of the degree of undervaluation vary massively.

2. China has maintained this undervaluation with massive intervention in currency markets.

3. But nine of the 13 models signal undervaluation, with the median value suggesting the yen is 15% too cheap—the weakest currency in the chart.

4. I would argue that there are now three fundamental indicators of a significant undervaluation.

5. But there were to be orderly ways to unpeg parities that represented clear undervaluation or overvaluation.

6. In short, it has followed a sustained , deliberate policy of competitive undervaluation.

7. It is to be explained and instructed in terms of enterprises goods and enterprise capital theory, efficiency theory, undervaluation theory, transaction theory and entrustment and procuratory theory.

8. The US House of Representatives last week passed a bill that allows the country to use its own estimates of currency undervaluation to calculate countervailing duties on imports from China.

9. The most critical area for EU-U.S. economic coordination is the longstanding issue of China's undervaluation of its currency, according to Bergsten.