A Strong Yuan Is in China’s National Interest

China wasn’t going to miss the moment. With US President Donald Trump making waves by expressing comfort with the dollar’s retreat, it was a good time to sound like an elder statesman in the vast foreign-exchange market. Beijing went so far as paraphrasing a line that Washington has deployed frequently — and often to great effect. It wants a strong currency to go with its huge economy.

There’s much to like about such a desire, assuming it’s genuine. But characterizing your currency a certain way and extolling the benefits of that stance aren’t something to be taken lightly. The few American Treasury secretaries of recent decades who had the candor — or temerity — to riff on the strong greenback policy haven’t been remembered favorably.