▁international ▁criticism . ▁ ▁As ▁a ▁member ▁of ▁the ▁W TO ▁and ▁IM F , ▁China ' s ▁under valu ed ▁ren min bi ▁would ▁viol ate ▁Article ▁XV ( 4 ) ▁of ▁the ▁General ▁Ag re ement ▁on ▁Tar iffs ▁and ▁Trade ▁Article ▁ 1 , ▁and ▁ 3 ▁of ▁the ▁W TO ▁Ag re ement ▁on ▁Sub s id ies ▁and ▁C ounter v ail ing ▁Me asures , ▁ ▁and ▁Article ▁IV ▁Section ▁ 1 ▁of ▁the ▁IM F ▁that ▁prohib iting ▁countries ▁from ▁currency ▁manip ulation . ▁However , ▁the ▁USA ▁Tre as ury ▁in ▁ 2 0 1 8 ▁cleared ▁China ▁from ▁the ▁accus ation ▁of ▁currency ▁manip ulation . ▁The ▁trade ▁dispute ▁with ▁the ▁U . S . ▁would ▁be ▁w ors ened ▁by ▁an ▁under valu ed ▁ren min bi . ▁An ▁under valu ed ▁ren min bi ▁could ▁cause ▁infl ation . ▁ ▁In ▁an ▁effort ▁to ▁hold ▁the ▁value ▁of ▁the ▁y uan ▁compar atively ▁low , ▁the ▁government ▁has ▁to ▁buy ▁foreign ▁curr encies ▁through ▁trade ▁sur pl uses ▁and ▁invest ment . ▁China ’ s ▁foreign ▁res erves , ▁already ▁the ▁world ' s ▁biggest , ▁so ared ▁to ▁$ 2 . 8 ▁tr ill ion ▁at ▁the ▁end ▁of ▁ 2 0 1 0 . ▁In ▁order ▁to ▁buy ▁foreign ▁curr encies , ▁the ▁government ▁has ▁to ▁print ▁the ▁R MB ▁“ at ▁a ▁fur ious ▁pace ” ▁and ▁therefore ▁in cur ▁infl ation . ▁However , ▁between ▁ 2 0