“Currency manipulator” is the insult of the moment.
Republican presidential candidate Mitt Romney said during Monday night's debate that he would label China as a currency manipulator as soon he took office, if elected.
Although many, including the U.S. Department of the Treasury Office of International Affairs, have suggested that China doesn't let its currency appreciate in order to make its goods cheaper outside the U.S., China has never officially been branded a currency manipulator.
It's true that the Chinese economy has been the main focus of currency manipulation as of late, but China is just one of many countries suspected of rigging its currency, according to a policy brief from the Peterson Institute for International Economics.
The country is usually singled out because the alleged manipulation, when measured in absolute dollars, is highly conspicuous, since China’s economy is so large. However, when currency manipulation is measured relative to GDP, it's Libya that is actually the biggest offender, according to the PIIE.