For China, plowing a small but growing share of its dollar-denominated assets into European investments instead of low-yielding U.S. Treasury bills helps diversify its portfolio and is a mild alternative to currency actions called for by the United States and Europe.
Even in America, tariffs against China are still, with luck, a long way off both because the currency bill is milder than it sounds and because it has yet to be passed by the Senate or signed by Barack Obama.Still, there is no room for complacency.
This, for example, would allow the British to keep playing a leading role in the newly enhanced European defence policy, but to opt out of the single currency.Only the milder version of enhanced co-operation is on the table at Nice.
When the franc first started to surge during the global financial crisis, the Swiss central bank, which manages the currency, fell into a mild panic.
So the unexpected announcement on Tuesday that Germany's economy grew by a robust 0.5 percent in the first quarter of the year was enough to give a mild boost to the battered single currency.
And frankly, this currency bill is fairly mild stuff, it's not anything radical and crazy.
The Nobel Prize-winning economist wrote a blog post this weekend expressing some mild doubts about the digital crypto-currency.
Advanced countries -- the status to which Argentina aspires -- regard default on debt as a mortal sin, but a sliding currency as at most a mild embarrassment.
Deflation is often blamed for the "lost decade" in Japan, and an Ernst and Young spokeswoman stressed that the company adheres to the mainstream economic view that mild positive inflation is best for a national currency.
Reserves have dropped dangerously low.The political and social consequences of the currency collapse have so far been mild: the traders' week-long strike has been the most disruptive event.
