In international affairs, perceptions are swinging back and forth as wildly as British opinion polls. Barely two months ago, America and China were said to be at loggerheads, with a supposedly assertive and confident China cutting up rough over President Obama meeting the Dalai Lama, over the sale of arms to Taiwan and over any suggestion that China’s pegged exchange rate is somehow manipulated. Moreover, America was in decline, Mr Obama was a hopeless failure, and China was a land of strategic geniuses.
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