Who's to Blame?

Whos to blame for the gobal imbalances? China's currency policies are being singled out by the G7 finance ministers and central bankers. At their previous meeting, they came to the conclusion that China needed its currency to become more flexible. They believe that this may be the cure for global economic imbalances. The group is to meet again this month to further discuss the issue. They plan on discussing the doller, yuan and yen.
Could one country really be the problem for global economic imbalances? I find this hard to believe. It seems that China also thinks that the idea of them being to sole problem of global imbalance is false. Chinese Finance Minister Jin Renqing says, "The global imbalance is more a result of globalization and macroeconomic policies taken by each country." He says that China is only accountable for 5% of the world's gross domestic product. It surly has to be the world as a whole who needs change to solve this problem. China has also responded to the issue saying the the U.S is a major problem for the imbalance and that we need greater national savings. So, who is to blame?