Monitor | Don't dismiss Mitt Romney's manipulator pledge too lightly
Election promises often come to nothing but a slowing of investment and a possible current-account rebound may yet see those vows kept
In a US presidential campaign characterised by negative tactics, there have been few hard and fast promises from either candidate for voters to latch on to.
The one that has stood out is Mitt Romney's pledge to declare China a currency manipulator on his first day in the White House.
Most observers have dismissed Romney's stance as normal electoral China-bashing. Candidates typically talk tough on China during the campaign, accusing Beijing of holding down the value of the yuan in order to steal an unfair trade advantage. Once in office, however, they soon tone down their rhetoric.
In 2008, Barack Obama took a similar line, threatening sanctions against imports from China. "Here's the bottom line," he said during the campaign. "You guys keep on manipulating your currency, we are going to start shutting off access to some of our markets."
Once elected, however, he moderated his language and never made good his threats.