Yesterday’s briefs were full of incendiary developments. Today, oil was duly poured over troubled waters, because it turns out nobody meant to say or do what they said and did. Despite a Ministry of Finance research report calling for drastic devaluation of the renminbi, today People’s Bank of China governor Zhou Xiaochuan denied that China would change its currency policy, which is to remain “stable.” India, which China accused yesterday of erecting unfair trade barriers, said it is open to discussion, especially on toys. CCTV apologized for the unauthorized fireworks display that burned down a building in its Beijing complex yesterday, but said they didn’t mean it; It was a rogue employee’s fault, who is presumably joining the ranks of unemployed today. Unfortunately, the severe drought in northern China does not appear to be backing off. Drought relief officials fear that if it doesn’t rain in the next 15 days, the winter wheat crop could be severely affected.