All of the Following Accurately Describe China's Currency Peg EXCEPT

Multiple Choice

All of the following accurately describe China's currency peg EXCEPT

A) pegging against the dollar ensured that Chinese exporters faced stable prices on exports to the United States.
B) to support the exchange rate, the People's Bank of China had to buy large amounts of dollars with yuan.
C) the Chinese currency was allowed to depreciate moderately in the years preceding the financial crisis.
D) many economists argued that the Chinese currency was undervalued.