Even if the US government were in surplus, we would owe as much to China because our debt to them is simply the difference between how much we exported to them and how much we imported from them.

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China simply can't afford a sharp drop in housing prices because it will affect investment, which will in turn damp economic growth, Mr. Ren says.

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If the yuan rises, they will stay in China and simply pass on the higher costs of production to their U.S. customers because they must stay there.

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