Last night, the House passed legislation that aims to stop China's manipulation of the yuan. The legislation is yet to pass the Senate, but has a great deal of bipartisan support and is likely to do so after the November elections. So what does this mean for U.S.-China relations?

A Naked Capitalism blog post, which says that China has "taken to being non-negotiable" describes the move by the House this way: "The measure is thus more important as a negotiating tactic than for any immediate impact. Congress has signaled loud and clear that it wants to see some movement from China. Given the wide margin of the vote, if China does not make some concessions and US unemployment and trade deficits remain high, Congress is likely to vote in legislation that has more real clout."

Read more.