Interesting reporting by Doug Palmer of Reuters on why the US is no longer pounding the table over the exchange value of the Chinese yuan:
An increase in the value of the yuan, a big drop in China's global trade surplus and a rise in labour costs that has made Chinese products less competitive have conspired with a pickup in U.S. job growth to take the wind out of Washington's sails.
Since mid-2010, China's exchange rate, adjusted for inflation rates in the United States and China, has risen 16 percent against the dollar, according to the U.S. Treasury.
At the same time, China's current account surplus, the broadest measure of its trade with the rest of the world, has fallen from a peak of 10.1 percent in 2007 to a preliminary reading of 2.6 percent in 2012.
... the yuan has appreciated 31.6 percent on a trade-weighted, priced-adjusted basis against major trading partners since July 2005, when it embarked on currency reforms, according to U.S. Treasury Department calculations.