Fred Bergsten on Net Exports

In today's NY Times, Fred says authorities policy should focus to a greater extent than on increasing internet exports.  He says a lot of wise things, specially regarding the involve for meliorate intellectual holding protection abroad.  One exercise of the article, however, puzzles me.  He writes:

The artificially depression value of the renminbi — it is xx to thirty per centum less than what it should locomote — amounts to a subsidy on Chinese exports together with a tariff on imports from the US together with other countries.

Think almost this for a moment.  As I discussed inwards this onetime Times column, the way China affects the exchange rate is by buying dollars inwards unusual exchange markets together with using them to purchase dollar-denominated assets (such every bit Treasury bonds).  Yet the exact same mechanism is at operate whenever whatever foreigner invests inwards the United States.  All upper-case missive of the alphabet flows into the US raise the value of the dollar inwards unusual central markets together with brand our exports less competitive.  Does Fred object to all upper-case missive of the alphabet flows into the US?  Would he prefer unopen to grade of upper-case missive of the alphabet flight from the US because it would lower the value of the dollar together with promote exports?  That seems to locomote the logical implication of what he is saying, merely I incertitude that's what he intends to suggest.  So I am puzzled.
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