Rich nations impose will on China

U.S. claims "progress" on chinese currency. The world's rich nations (a.ka. the G7) claim to have made progress in convincing China to change its policy of fixing the yuan at 8.3 per dollar. Such a change would immediately cut into profits for American retail businesses that depend on cheap Chinese imports for their survival. The very idea of asking China to raise the cost of its currency--and hence its goods and services--is completely counter-intuitive. Why undermine this tremendous source of growth for the global economy?