HONG KONG — Is China a currency manipulator?

Some of the more complicated exchanges during the presidential debate on Tuesday involved how to deal with China’s efforts to increase its exports by keeping its currency at artificially low levels, an issue that has had considerable effects over the years on competitiveness, trade deficits and, some economists contend, American jobs.

Both candidates on Wednesday repeated the arguments they had voiced on the campaign trail. Mitt Romney criticized President Obama for not doing more to persuade China to stop intervening in currency markets. Mr. Obama said he was tougher toward Beijing than Mr. Romney would be if he were in the White House.

The two arguments obscure a more nuanced reality: adjusted for inflation, China’s currency has strengthened considerably through much of Mr. Obama’s tenure.

Some economists who used to be critical of China for undervaluing its currency, the renminbi, are now much less so. “Romney’s vow to label China a currency manipulator is a position that is not supported by recent economic data,” said Eswar S. Prasad, a Cornell professor who specializes in Chinese currency and trade policies.