Give China Credit

China's long-awaited currency adjustment is unambiguously positive for the global economy. I applaud Beijing's action for three reasons: first and foremost, it derails Washington's protectionists and the serious threat they pose to geopolitical stability. Admittedly, a 2.1% revaluation of the renminbi stops well short of the 27.5% adjustment proposed by several U.S. Senators. Their bill, which would impose damaging tariffs on Chinese imports, had garnered surprising bipartisan traction in Congress and could well have been passed by the upper chamber later this year. The China bashers certainly did not get anything close to what they were seeking, but the wind is...