The President is absolutely wrong. The Chinese are not manipulating their currency downward. If they've done anything, and I've argued this for months and months, the Chinese have been supporting their currency instead.
If they are manipulating to weaken their currency, they're doing it 180 degrees in the wrong direction and somehow I don't believe that the Chinese are illogical and that silly when it comes to foreign exchange. They are not currency manipulators as the President would have us believe.
What I find interesting is everybody is concerned about the fact that China hold so much of our paper. Let me think, what a great trade, we buy goods from them, we give them paper. That's a great trade in my opinion and I think we are on the stronger side of the question.