Meticulous as it is, the first step the US Federal Reserve has taken to end its addiction to cheap money could still spell more trouble for the fragile global recovery than the euphoric initial response might suggest.

Chinese policymakers who are eager to roll out sweeping economic reforms should thus brace themselves for a possible increase in external uncertainties.

On Wednesday, at his last press conference as chairman, Ben Bernanke announced that the Fed will taper its monthly asset buying from $85 billion to $75 billion starting next year.