Reporting in Chinese media reminds me of an eternally optimistic mum, commenting every failure, hardship or disappointment of her children with a cheerful ‘Well! I’m sure it’s all for the best and wasn’t the weather lovely after all?’

Amused myself by comparing the headlines in International Herald Tribune and China Daily after the US-China economic talks. ‘Limited Steps on Opening Chinese’ market vs. ‘Strategic Talks a Complete Success’. Guess which is which? 

The Americans are still frustrated over the slow appreciation of the Yuan, claiming that its value is kept artificially low to stimulate Chinese exports and hinder imports to China from the US and Europe. Then again, the Economist argues in its latest issue that a faster appreciation of the Yuan would do more harm than good to the US economy.

For even if Hollywood could sell their DVDs at full price in China, who would be able to afford them? And who would it hit the hardest if WalMart has to raise their prices as the Yuan goes up?