Unless it assumes the right attitude and takes proper actions to address this pressing issue immediately, the US government will be held responsible for whatever damage its irresponsible policy causes around the world, such as the serious loss of China's foreign reserve (value) on a daily basis and gross deformation and destabilization of the international financial market pricing mechanism, which has disrupted the international financial market and caused deadly potential crises there.

The only way to rid the international financial market of the potential crises is to readjust the relationship of interests on the international financial market and put the US dollar back on track of appreciation. It is impossible to eliminate the potential crises from the international financial market without reversing the depreciation of the US dollar.

The author is a researcher with the Institute of Finance and Banking under the Chinese Academy of Social Sciences

(China Daily April 30, 2008)