From the outside, the battlelines in the renminbi wars look quite simple: the US on one side, threatening the heavy ordnance of currency legislation unless the exchange rate is liberalised; China on the other, threatening unspecified carnage if the artillery is fired.
In truth, there are ambiguities between different parts of government and within business communities in both countries over both aims and tactics.
From the US side, the debate within government has fallen into a fairly familiar pattern, with Congress urging radical action and the administration counselling restraint. This weekend, the Treasury's delaying of the potentially explosive currency report was attacked by Charles Schumer, third most senior Democrat in the Senate.
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