U.S. policy representatives at the U.S.-China Strategic and Economic Dialogue (S&ED) today are struggling to get their currency message heard by Chinese officials as China gets cold feet from the European financial crisis.  Chinese President Hu Jintao kicked off the S&ED by stating that, "China will continue to steadily push forward reform od the renminbi (yuan) exchange-rate formation mechanism in a self-initiated, controllable and gradual manner." And while Treasury Secretary Tim Geithner encouraged China to make sure that they are operating and competing on a "level playing field," his remarks were met by the jaded Chinese discourse that "China will promote the exchange rate reform according to its own economic development, and specific measures will be based on world and Chinese economies accordingly" (according to the English-language China Daily). Further, vice-chairman of the National Development and Reform Commission, Zhang Xiaoqiang said today that with regard to exchange-rate reform there was "no change at all in the [China's] basic principles." With China's refusal to act to revalue the yuan, it becomes increasingly important that the U.S. take action to ensure a level playing field before losing our economic edge as well as more jobs due to trade with China. Read more here and see The 15 Numbers You Need to Know about trade with China.