Risky currency war with China

China's central bank set the exchange rate for the Chinese yuan against the dollar higher than ever on Wednesday. A government representative stressed that the revaluation had nothing to do with the demands of the US and other countries. The West's putting pressure on China is pointless and may even be counterproductive, the daily Corriere del Ticino writes: "Much ado about nothing, or rather about finding a scapegoat for the crisis which is still looming over us and for which no one in the West has found an answer. ... In reality the yuan's exchange rate is not the cause of the crisis. A strong and abrupt revaluation of the yuan would help neither the US nor the European economies out of their present impasse and what's more, would have a negative impact on the Chinese economy, endangering one of the few motors of the global economy which is running at full power. ... We can only hope that the game doesn't get out of control and the currency war remains on a verbal level - otherwise we could face disaster."

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