Consider:

From the Wall Street Journal: "With pressure on China building in both the U.S. Congress and the Group of 20 major economies, the decision showed pragmatism and a desire to set China's economic relations with the world on a more sustainable footing."

From the New York Times: "The Chinese central bank announced Sunday afternoon that any changes in the value of its currency would be gradual, in a clear attempt to reassure the Chinese people that a move Saturday evening toward a more flexible currency would not result in a sharp or disruptive change. The central bank’s statement coincided with signs of a backlash in China, where many view a weak currency and the accompanying strong exports as a sign of national sovereignty. "

The New York Post: "Sen. Chuck Schumer (D-NY) isn't buying Chinese resolve to end the yuan's fixed rate to the dollar -- and is vowing to advance trade-sanctions legislation to force them to act. 'Just a day after there was much hoopla about the Chinese finally changing their policy, they are already backing off.' "

The China Daily: "China will be able to keep inflows of speculative capital under control even if the latest clarifications on its yuan policy trigger any influx of 'hot money.' . . . The gradualist way of currency appreciation, while causing more inflows of speculative capital, will help control such adverse capital movement, analysts said. If the annual appreciation of the currency can be kept below 3 percent, it will make it hard for speculators to profit, since they will have to pay dual-way transaction costs that will be close to what they can gain from a rising yuan."

CCTV, under the headline RMB reform restarts, to aid China and world: "Now fairly ensured the global economic recovery is on a solid footing and its exports had rebounded since April, Beijing finally decided to enhance the RMB exchange rate flexibility, to help squeeze out low-value labor-intensive production, and to sooth rising outside cries that the RMB must be revalued."

The Global Times: "A more flexible exchange rate isn't in response to a bilateral trade imbalance with any one specific country . . . The move is in line with China's long-term fundamental interests, as it will help boost employment, especially in the service sector; curb inflation and asset bubbles; and create a more favorable international development environment for China.

It is worth noting, however, that media on both sides of the Pacific agree that the best way to illustrate their stories about this issue is with pictures of Chinese bank notes. The photos below were widely used in U.S. and China media. There is hope, I guess, for a common media view. Or, as that Louis Armstrong song concludes: "We know we need each other, so we'd better call the calling-off off."