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The event under discussion did not merely...

to do with this? Analysts of Renmin Ribao (People"s Daily), the mouthpiece of the Central Committee of the Communist Party of China, have voiced some curious and interesting opinions. They say the permanent issue of "empty" dollars is the only way to cope with the constantly expanding U.S. debt and budget deficit. This serves to devalue U.S. foreign debt which is denominated in dollars. Consequently, the Chinese government has worked out a policy for slowly reducing or expanding the volume of U.S. securities it owns.

In effect, Beijing is teaching America how to manage its economy and is also issuing a warning. It should also be recalled that the key Chinese-U.S. dispute revolves around the yuan"s exchange rate which Washington believes is artificially understated. This makes American goods uncompetitive on all markets, including the U.S. market.

Beijing responds that the dollar has become depreciated to such an extent under President Barack Obama that this is tantamount

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