China Needs to Move Slowly on Yuan Revaluation: Michael Pettis

The world must be patient with China. For years, the nation of 1.3 billion has dragged its feet on rebalancing its economy, raising anger around the globe.

But the process was never going to be easy, and officials in Beijing were no more eager than other governments to make hard decisions when times were good. Now that times are bad, cooperation and forbearance are more necessary than ever. China simply can’t adjust fast enough to suit its trading partners.