China may have woken up, if ever so slightly, to the fact that their yuan is grossly undervalued-- as much as 25 percent according to a recent Reuter's article.  This could be due to pressure from Congress on President Obama to toughen up on China, and perhaps the fact that on April 15, the U.S. Treasury Department will release a report that could label China a currency manipulator.  Chinese officials are pushing for a "Strategic and Economic Dialogue" in Beijing in May to address some issues of mutual (to be used loosely here) concern. Chinese Premier Wen Jiabao said Monday:

"Although there are conflicts and problems in bilateral economic and trade ties, I'm sure that as long as we adhere to a spirit of mutual benefit and mutual accommodation on an equal footing, we can always find solutions."

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