As the price that affects all trade and investment between the world’s two biggest economies, the renminbi/dollar exchange rate has long been a source of political controversy.
So it was last week that Tim Geithner, US Treasury secretary, told his Chinese counterparts once again that the renminbi “needs” to appreciate further against the dollar and other currencies.
His tone was softer than in the past. Speaking at the annual US-China summit in Beijing, Mr Geithner noted that the renminbi had risen 13 per cent against the dollar in real terms over the past two years.
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