China Wants Great Power, Not Great Responsibility

The problem with 'It's our currency, but it's your problem.'

Passing the buck.

Photographer: Feng Li/Getty Images

Forty-three years after Richard Nixon made his famous visit to China, that country has seemingly decided to take a page from the former U.S. president's Treasury Department. As China lowers the value of the yuan, the country's economic policy makers are mimicking the blasé attitude of Nixon-era Treasury chief John Connally, who dismissed international complaints about U.S. monetary policy with a curt remark: "It’s our currency, but it’s your problem."

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