Much attention has been paid lately to the supposed benefits of letting the value of China’s renminbi float against the dollar. China has kept its currency stable against the dollar for the past decade or so, and if it were to let it float, it would probably appreciate by around 25%. This, of course, would make imported goods from China much more expensive (and could potentially prevent China from continuing to buy up heaps of US debt, something the Bush administration wouldn’t want). Brad DeLong mentions today that revaluing the renminbi would lower US unemployment by 0.1% of over two years. Blaming China may make people feel good, but it’s not going to put Americans back to work.