What if you do raise yuan's value

After the US Treasury Secretary Timothy F. Geithner said the April 15 report on whether China manipulates its currency had been deferred, a section of the media began saying it was a sign of warming up of Sino-American ties and that the dispute over the yuan's exchange rate might be resolved peacefully.

But for Song Hongbing, president of newly set up think tank Global Business & Finance Institute, there is no easy answer to the Sino-US dispute over the yuan.

As a grassroots economic observer who is active in the media now, Song became famous in 2007 for his popular book, Currency War. He says in the book that "bloodless currency wars" will replace military confrontations among the big powers. The dispute over the yuan is a typical currency war which, he says, proves his claim.