China points the finger of blame at the US ... it's the subprime meltdown stupid!

China's equivalent to the US Federal Reserve is pointing a finger of blame at the laxness in governmental regulation of financial markets in the US. It says that the US is enamoured by the market that it lets itself lose sight that there are financial shoals beyond which trouble brews. And the subprime meltdown is one! It has sown turmoil in not only the US but in world markets, too. Why is China now so huffy puffy today? Well, Beijing has its renminbi yuan pegged to the US dollar; Washington has wooed it with flowers or thundered with menances for China to re evaluate its currency. It help up high the banner of China's self interests, and won't budge on a matter which it deemed of internal importance and told the US to buzz off in so many polite words. Now the US dollar is in a bad way which affects the reminbei yuan badly. It spurred inflation which is nearing 25 per cent, and for an overheated economy that ain't good news, coupled as it is with natural disasters which is stretching the Chinese leadership tightly and is slowing eroding its power base. So China is offering 'free' advice to Washington...out of a purely alturistic motive. If you believe that, Santa Claus will bring you a bag full of toys at Christmas. The Chinese are not good players, so now they're suffering as much as anyone else relatively speaking.