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President-elect Donald J. Trump has vowed to label China a currency manipulator on his first day in office. That pledge is outdated as well as dubious legally. China did manipulate the renminbi from 2003 through 2014 in order to boost its exports and make imports more expensive. But China is no longer doing it. In fact, it is intervening to increase the value of the renminbi—an action that actually helps make US exporters more competitive. Labeling China a manipulator also has no legal impact.