Is China Really Fighting a Currency War?

It is fashionable to talk about currency wars. First, it was the United States who was accused of devaluing the dollar to boost exports. Then Japan with the launching of Abenomics. Now China stands accused of pushing its currency down. Is there really a currency war going on?

If it is, it is a strange kind of war. None of the purported belligerents or victims acknowledge any hostilities. Neither do organizations like the IMF, G-20 and G-7. We can accept the realist view that international affairs feature competition between countries without accepting that the foreign exchange market has become a battleground.