Currency float

China's decision to make its currency, the renminbi, more flexible, speaks volumes about its determination to speed vital changes to its growth model in order to ensure sustainable development.

Many world leaders have been quick to welcome the exchange rate pliancy as a constructive step that will promote balanced global economic recovery.

However, if they cannot make good use of the coming G20 summit to press ahead with the much-needed overhaul of the global financial system, the international community will soon find to its disappointment that its leaders look only for red herrings, rather than real solutions, at a time when true leadership is badly needed.