Today, it is something of a crawling peg, but China too does not have significant currency independence or much latitude for domestic money jiggering.

FORBES: 40 Years Of Floating Money, 40 Years Of The Average Worker Getting Poorer

One of the chief culprits: Russia's crawling peg system.

FORBES: Follow Through

The government argues that, since the crawling peg has also helped bring down inflation (it should be 2% or less next year), much of the overvaluation has been corrected or soon will be.

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