The official White House readout of the bilateral meeting between U.S. President Barack Obama and Chinese President Hu Jintao focused on Iran, but the real movement in the U.S.-China relationship may come first on the issue of China's undervalued currency.
When Hu finally agreed to attend the 47-nation Nuclear Security Summit, which officially began today in Washington, there was widespread speculation that in exchange, the Obama administration had agreed to delay a Treasury Department report that was scheduled for an April 15 release and would have weighed in on whether China should be labeled a "currency manipulator" because its currency is artificially pegged to the U.S. dollar and greatly undervalued.
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