China's peg of the yuan to the dollar, which kept the Chinese currency from appreciating against the U.S. one, still raises hackles, analysts said. But the U.S. government is taking a soft line on the issue because China's dollar reserves are needed to purchase U.S. Treasuries. "To rant and rave about the unsustainability of our fiscal policy when the Chinese government has their own unsustainable monetary policy is a classic case of the pot calling the kettle black," said Robert Barbera, chief economist of ITG.

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