Why was the Federal Reserve printing so much money, exporting inflation to China and other countries, and putting strains on exchange-rate relationships?

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In fact, China is exporting inflation and in many emerging markets, it is rising prices, not falling prices, that is a concern, Credit Suisse argues.

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As China is now exporting inflation, companies will continue to transition more of their manufacturing to the U.S. Furthermore, U.S manufacturing has become much more productive and efficient.

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It seems strange to worry about China exporting inflation as Mervyn King, governor of the Bank of England, did recently when the country's consumer-price inflation is less than 1.5% and its vast manufacturing (over)capacity has led to a steady drop in global goods prices from shoes to electronics.

ECONOMIST: China's economy