Beijing was asking for it. On Friday a central bank official invited the US to refrain from “politicising” China's currency policy. On Sunday, closing the annual meeting of lawmakers, Premier Wen did little else, with a series of pointed allusions to the “Three Ts” dominating the two nations' relationship: Taiwan, Tibet and the trade surplus. Still, the US retaliation – 130 Congressmen urging President Obama to label China a currency manipulator, for the first time in 16 years – is a rush of blood to the head. Signatories must realise that the more pressure you put on China to do anything, the less likely it is to do it.
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