Likewise, China is foolish to resist a more flexible exchange rate partly because it does not want to be seen as caving in to America's demands, when it is in its own interest.

同样地，中国也不聪明——当它自己有利可图，只部分地出于不想被视为屈服美国的要求的想法，从而就抵制更具弹性的汇率机制。

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One is the People's Bank of China, which wants a more flexible rate and more-liberalized markets, and the other is the export lobby's supporters, who favor a cheaper renminbi.

一派是央行，希望更富弹性的汇率和更自由的市场。另一派是出口游说团体的支持者，偏好更便宜的汇率。

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"China is very flexible as a culture - extremely high energy and that's the makings of a dynamic economy and culture, " he said.

BBC: Davos 2010: 'Perceptions of China are wrong'

To regain control over its monetary policy, China needs a more flexible exchange rate.

ECONOMIST: Economics focus: A stitch in time saves nine | The

The question of how much time has been bought for China depends on how flexible the currency will become.

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