The days of lecturing China may be over for the moment. But, really, how perfectly did you want them to embrace capitalism just now?
The head of China's sovereign wealth fund says he's lost the confidence to invest in U.S. banks, while China's central bank governor Zhou Xiaochuan didn't even stay in town. Instead, he flew to an international meeting chaired by Mr. Paulson's intended successor, Timothy Geithner.
Preceding Mr. Paulson's arrival was a sudden depreciation of the yuan against the dollar -- provoking concern in some quarters that China is prepared to backtrack on one of Paulson's achievements.
One does start to get nervous at hearing Geithner's name everywhere as well, doesn't one?
A Mixed Ending for Paulson in China [The Wall Street Journal]