Abstractly if one nation was dependent and the other nation was not, there would be a different ... but China is dependent on imported materials - maybe less oil, but of course more coal, and given rapid urbanization more iron ore and steel.

China is already striking a balance between capture of export markets and cost of essential imports. If it fights to maintain a stable US$ exchange rate while the US counter by discounting the US$ against the ROW, the ¥RMB drops against the ROW.

With the Chinese about where they want to be and the US above where we would want to be under a neo-mercentalist stance, they'd be experiencing problems while we were still experiencing gains.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.