We were the only major industrial country to operate under such a system in the 1950s and early 1960s, and we were the first major country to adopt it again in the 1970s.
The Chinese response has been to increase regional convertibility mechanisms, but only to allow minimal RMB appreciation. As this dispute escalates, there is a risk of Congressional intervention and anti-dumping actions. In the Eurozone, tensions between Germany and the peripheral PIIGS countries mirror the China-US relationship, with Germany running large current account surpluses via very strong exports, buoyant growth and the euro currency.