China plays by its own currency rules

Facing possibly "the biggest bubble in the history of finance", the Chinese government can forestall a domestic crisis only by raising interest rates, rather than aggravating risk through a hike in the value of its currency. Least of all will Beijing revalue the yuan under outside pressure, and the process must be non-transparent to deter influxes of speculative money. Washington just doesn't get it. - Peter Lee (Sep 24, '10)
http://www.atimes.com/atimes/China/LI25Ad01.html