The yuan ‘Plaza Accord’ would barely dent China’s edge

[LONDON] Big problems invite simple fixes, and there is a risk that Western policymakers are starting to treat the yuan as a big problem.

Force Beijing to revalue the currency, the thinking goes, and the hollowing out of global industries caused by cut-throat Chinese competition should begin to reverse.

But China’s cost advantage is so vast that counteracting it is impossible without bold industrial policies and even some targeted protectionism.