Since June 2010, the Yuan has appreciated by 7 percent against the dollar, but the bilateral trade deficit is on target to be 34% larger in 2011 than it was last year.

FORBES: China Currency Measure Is A Desperate Mistake

Rather than appreciate how this complementary process harnesses the benefits of our globalized division of labor, some begrudge iPod and iPhone sales in the United States for adding to the bilateral trade deficit.

FORBES: Lies, Damned Lies, and Trade Statistics

American politicians already complain that their country's bilateral trade deficit with China is intolerable, and China's leaders know that a trade war with America would be sure to destroy any economic benefit from devaluation.

ECONOMIST: China��s currency