Will Somebody Puhleeze Ask Ben Bernanke the Big Question

WSJ reports that:

The U.S. should continue to press China on its foreign exchange policy, Federal Reserve Board Chairman Ben Bernanke said Wednesday, agreeing with a top Democratic senator that the level of the yuan was one of the causes of the global recession.

Bernanke agreed with Democratic Sen. Charles Schumer (D., N.Y.) that China’s currency exchange policy was a major cause of “harmful of global imbalances.”

He said China would benefit from a more flexible yuan. Combined with other steps by the Chinese government, Bernanke said a rising yuan would encourage the development of domestic consumption in China.

With this in mind, tkehe big question that should be asked of Bernanke is, "If China allows the yuan to float upwards, does this mean they will buy fewer Treasury securities, and will the Fed then have to step in and monetize the debt?"