Observer
Currency junkie
Anyone still in denial that the world's biggest communist state is turning firmly capitalist need only listen to China's new favourite online song "I Love Renminbi".
It is a paean to unabashed consumerism with the immortal lyrics: "I work hard, embracing the market economy/I reckon making money is a kind of pleasure... I really love tourism, travelling around the world/I feel spending cash is exciting."
Released for free on the internet, the ditty has made a celebrity of singer Wu Pinchun, who was this week chosen by users of leading Chinese portal Sina.com as the best new online performer of 2005.
Wu's love for the currency seems to be paying off: more than 100,000 people have spent their own cash to use the tune as the ringtone on their mobile phones.
Such success did not come just by striking a chord with shopaholics and travellers, however. "I Love Renminbi" has another theme that also seems to be music to young urbanite ears: pride in a strong currency.
It celebrates the emergence of the long-neglected "people's money", which is winning unprecedented acceptance overseas and which was revalued against the dollar last year.
"I hate the dollar and despise the rouble/Wherever I go, I just use renminbi," Wu warbles. "I love renminbi, there's no room for debate/The strong renminbi, I love it forever."
Such enthusiasm could be controversial. Beijing is still fending off pressure from US critics who say last year's 2.1 per cent revaluation was much too small and that an undervalued renminbi gives China an unfair trade advantage.
No doubt Washington will be hoping that Chinese leaders are listening to "I Love Renminbi", too.