Finally, as the economists Adam Posen and Arvind Subramanian have argued, “China’s single-minded pursuit of mercantilist objectives produces inflation and overheating at home.” But “US efforts to get China to shed these objectives sound hypocritical when the United States seems to be opting for excess stimulus itself....[I]f the People’s Bank and the Fed tightened in coordination with most central banks, domestic [Chinese] concerns about competitive depreciation would be muted...”