However, People's Bank of China adviser Fan Gang writes in the China Daily that any adjustment to the value of the yuan must not damage China's crucial export trade.

However, Keynes could not secure American support for "creditor adjustment". This was in part because America had both the world's most powerful economy and (like Germany today) a big trade surplus.

Wage indexation has slowed the adjustment of real wages to changes in the terms of trade and has made it harder to reduce inflation.