From Econbrowser:
The Yuan has not been moving much. Or has it? And does it matter much for the U.S. current account deficit
Secretary of Treasury Paulson‘s comments refocused attention on the Renminbi:
[Paulson] repeated calls for more “flexibility” in China’s currency policy — a veiled message to allow the yuan to strengthen and the dollar to weaken — but he also stressed the need for the world’s fourth largest economy to make progress on other capital market reforms. [Full Text]