Everyone wants the Chinese to revalue their currency. As the dollar drops, so does the Chinese renminbi. Like Bonnie and Clyde, they go everywhere together, sometimes with horrible results for those who get in the way. It means no matter how far the American peso falls, Chinese labourers can still turn out a pair of trousers for less than most anyone else. But why should they quit cheating? It's easy to forget, with its huge economy and impressive industrial output, that China is still a developing country. Beijing might have millionaires coming out its ears, but there are still an awful lot of Chinese who are dirt poor. By keeping prices of exports low, and selling them to the west, the Chinese are also indirectly benefitting other developing countries, at least those that produce commodities. And like most emerging economies, it has had to grow in a Western-dominated environment. Playing against against a stacked deck means the Chinese had no choice but to come to the table with long sleeves.