I don't think morals have to enter into it. If a country artificially ties its currency to the dollar for purposes of inflating trade, it's going to end up with a bunch of dollars that aren't worth so much.
Seems like natural consequences to me.
I'm dubious that the system is so simple that simply changing the reserve currency is going to fix anything. But if I were an expert in international finance, I wouldn't be working on startups. And I'd probably be a lot more boring.
I agree the Chinese are in a bit of a pickle what with holding so many US dollars. The fact that they are prepared to risk their investment by saying this is suggestive. In the end I think the US would still like to hold onto the USD as the defacto world currency and the Chinese move is more a warning that that this can be lost if the value drops too much.
Either way I'm not sure how much it matters who's 'fault' it was now.
But I'm not an expert in international finance either. The startup I'm a part of does very well when the USD is strong but that is about it.
Seems like natural consequences to me.
I'm dubious that the system is so simple that simply changing the reserve currency is going to fix anything. But if I were an expert in international finance, I wouldn't be working on startups. And I'd probably be a lot more boring.