From The International Herald Tribune:
John Snow, the U.S. treasury secretary, visits Beijing this week to talk about what China can do to help cut a U.S. current-account deficit of more than 6 percent of gross domestic product – a record high, and one that is commonly agreed to be unsustainable. For months, the United States pressed China to revalue its currency, the yuan, and China finally responded on July 21 by moving to a managed float system with reference to a trade-weighted basket of currencies.
