Western developed nations’ monetary policies are the main source of global financial volatility, not China’s currency devaluation or stock market rout, China’s official Xinhua News Agency wrote in a commentary.

Blaming China is “unfair and groundless” because the onus is on Western developed countries for pumping “hot money” into emerging markets after 2008, helping to “create froth and dampen policy makers’ efforts to reduce leverage,” according to the unsigned piece published Thursday.

“Drastic changes in the value of major currencies” make financial markets even more turbulent, with the Federal Reserve’s signals of a possible interest-rate increase causing capital to flow back to the U.S., according to the commentary.

It’s the latest in China’s blame game with the U.S. over the trigger for the recent volatility in global financial markets. Chinese policy makers regularly use official media to send messages, and commentaries generally reflect the thinking of the ruling Communist Party’s elite.

The prolonged European debt crisis has also cast a pall on the world’s economic recovery, with geopolitical issues and terrorism adding “uncertainties,” Xinhua said.

Chinese stocks’ influence on the global market is mainly “psychological,” because local investors are banned from direct foreign equities trading and overseas investors can invest only via closely managed arrangements, Xinhua said. The yuan’s depreciation too has had a limited effect because the currency isn’t fully convertible, the news service said.

“Recent sell-offs in China’s stock market dominated by irrational retail investors were just out of panic,” according to the commentary.

Citing Apple Inc. Chief Executive Officer Tim Cook and investor Jim Rogers’ confidence in China over the longer term, Xinhua said China’s economic fundamentals “are stable, with glimmering signs of improvement.”

“Although the Chinese economy is slowing down amid headwinds, it is still expanding at one of the fastest speed in the world,” according to the commentary. “The services sector increased 8.4 percent in the first half of 2015 and it accounted for 49.5 percent of China’s GDP.”

Chinese shares snapped a five-day losing streak on Thursday after the dollar strengthened and stocks extended gains in response to the U.S. economy growing more than forecast in the second quarter.

“The current financial turmoil is a reflection of many complicated problems, most of which arise from Western countries, not from China,” the commentary said.

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