China can no longer delay action on rates and yuan Standing before China's central bank in Beijing it's hard not to feel as if you are at the center of the universe. Londoners, New Yorkers and Tokyo residents may object to that characterization, yet perhaps no institution will be more in the spotlight in 2008. While the Federal Reserve in Washington, the European Central Bank in Frankfurt and the Bank of Japan in Tokyo will do their thing, events in Beijing may matter most. The next 12 months will force the People's Bank of China to make prickly decisions it...