- The "strong dollar policy" was never about the exchange rate per se. It was a pledge to investors and creditors that the US would not seek a weaker dollar to secure trade advantage or reduce its debt burden.
- China closely manages its exchange rate. Too much, and too opaque for most observers. The yuan's internationalization requires a country with a large trade surplus, attractive rate differentials, the strongest economy, and capital inflows to have an appreciating currency.
- Exchange rates are important. They can, and have, been weaponized. It contributes to the destabilizing global imbalance. Unilateral approaches are bound to fail.
For further details see:
The Dollar's Evolving Outlook