China may be worst protectionist ever: U.S. analyst

Bergsten estimated the China's renminbi, also known as the yuan, is currently undervalued by at least 20 percent against the U.S. dollar as a result of China's currency intervention.

That "is the equivalent of a subsidy of 20 percent on all China's exports and an additional tariff of 20 percent on all China's imports," Bergsten said.

http://old.news.yahoo.com/s/nm/20110812/bs_nm/us_usa_china_currency/print