This article is dated Dec 10, but still makes a good read, how the central banks play chicken with each other
scroll down for coverage on China and Japan, probably not what you would expect.
China could default.
http://seekingalpha.com/article/240150-multiple-simultaneous-games-of-chicken-price-controls-on-wal-mart-china-declares-shift-to-prudent-monetary-policy
I'd welcome comments from an economist - Pic?