Signs of unease about the renminbi peg against the US dollar have begun to emerge across Asia in recent months, although there is little support for any attempt to force China to change tack.
Yoshihiko Noda, Japan's deputy finance minister, last week warned Beijing there were “expectations for a more flexible yuan, not only from the US”, referring to the Chinese currency by its alternate name. However, Mr Noda said that sanctions designed to force China's hand were “not desirable”.
Similar mixed signals have emerged from New Delhi, suggesting that, while Asian governments are anxious to head off a trade dispute between Beijing and Washington, they do not see the peg as an urgent problem for their own economies, in spite of a steady loss of competitiveness against Chinese exports in US markets.