The currency illusion

The rising Western cacophony about China's currency policy is not a good omen for the fragile global recovery.

If the international community is to find a credible way out of the worst global financial and economic crisis in more than half a century, policymakers of major economies must stand firmly against any fallacy that advocates currency policy as an easy fix.

Two years after the collapse of the United States' investment bank Lehman Brothers sparked a global meltdown, it is quite disappointing that some debt-laden rich countries are still denying the reality that a fundamental overhaul of their economic and financial systems is badly needed.