Yesterday's hearing by the House Ways and Means Committee regarding China's currency manipulation received a lot of attention--some good, some bad.  The big questions:

• Whether all this fuss and attention will prompt China to adjust its deliberately undervalued currency; or
• Whether Congress will simply move forward and take strong legislative action; or
• Whether the Obama Administration will designate China a currency manipulator in its April 15 Treasury report, which could initiate a federal response...

Regardless, Beijing has not taken kindly of late to all this criticism.  China’s deputy commerce minister, Zhong Shan, told reporters, “The Chinese government will not succumb to foreign pressures to adjust our exchange rate.” The rest of the world recognizes that something must be done regarding China's self-centered currency practices. As David Moberg observes today in an In These Times article, a revaluation of China's Yuan would "cost the federal government nothing" and "would even be a blow against protectionism."  Furthermore, Moberg says, "Chinese policies hurt not just developed countries like the U.S. but also other developing nations, making it harder for them to export." All this adds up to strong worldwide attention to the currency issue.  Something has to give.