The US New York Times published an article by Nicholas Kristof Sunday, which points out that China's RMB exchange rate policy brought stability to Asia and increased prosperity worldwide.

The article says the country that is distorting global capital flows and destabilizing the world economy is the U.S. not China. American fiscal deficit is a genuine international problem.

As a matter of fact, China has supplied almost one-third of the growth in the global economy (measured by purchasing power) in recent years, while only 13 percent of the growth came from the U.S., the article says.

The article points out that the economic advices the U.S. has offered Asia in the past proved awful. U.S. pressure helped produce Japan's disastrous bubble economy and aggravated the 1997-98 Asian financial crisis. Therefore, when American officials urge an adjustment in the yuan exchange rate, the Chinese should keep a hand on their wallets.

By People's Daily Online