This must be why the Chinese spent something like 300 BILLION dollars last year maintaining an advantageous exchange rate against the US dollar - anything to keep as many people employed as possible.
Exactly right. They do have a rate lower than the market, however, they are not currently a member of the IMF, and do not have a market exchange rate. That is one of the reasons that Wal-Mart buys so many Chinese goods, as they are regulated at prices that are lower than would otherwise be the case.