Currency: Charity stops at home

Wen Jiabao, the Chinese Prime Minster, has told the Financial Times that «it is completely confusing right and wrong» to blame generous lenders for the problems of reckless borrowers. His logic, which puts China on the moral high ground, is unhelpful. The comments were a riposte to the charge that China should share some of the blame for the financial crisis, having used too much its vast trade surplus – 6% of GDP in 2008 and the source of $2 trillion in foreign currency reserves – to buy US go...