India has, for once, decided to stay away from controversy. Recently Kaushik Basu, Chief Economic Adviser to the Finance Ministry, confirmed that India will most probably not join the rest of the world in putting pressure on China over the Yuan and its value.

While the United States, along with the rest of the world, is mounting pressure on China to let the Yuan rise, India, it seems, does not want to be a part of it and believes that the country should be allowed to handle its currency the way it wants to. Major tensions have erupted between the US and China over the fixed peg of the Yuan, but it does not look like China is very much affected by it.

While it is true that the peg is giving China an unfair advantage in world trade, America's main problem seems to be that it is resulting in stealing of American jobs. China has been more than ready to defend its stance, stressing that the value of the Yuan was definitely not the main cause of American trade deficit with China.

The fixed peg on Yuan seems to be the main reason for the value of the country's imports and exports growing, in addition to rising demand of course. But this is no reason to pressurize China into devaluing the currency. Chinese Ministers have called a country's act of continuously depreciating its own currency as "unfair and harmful".

Maybe the right thing to do for now would be to take the road that India has picked, letting China take its own decisions.

While it is true that the global recession did not hurt China as much as it hurt Western nations and more developed countries, it was still affected by falling demands from across the world and job losses, among other things. Keeping this in mind, it is only fair that China should try and revive its economy completely, now that the recession is over. And if fixing its currency is the best way according to the country itself, then let that be it!