China's Currency Conundrum

Red China has traditionally pegged the value of her currency to that of the US dollar which is increasingly fraught with peril for the Chinese as America spends herself closer to hyperinflation. The Communist leadership of China sees the looming danger as her own rate of inflation (that at least is accompanied by real growth) steadily rises in sympathy to the world's economic events and has been forced to have China's central bank raise the rate of interest on borrowing. Ironically, the specter of inflationary times haunts China because of that nation's burgeoning success. Some I am sure wish America had the same problem of having to hedge inflation against real growth in the economy rather than stem inflation against massive government machinations by way of stimulus and bailout. Now, which country is it that has the Marxist leadership?