Tonight Mr. Romney will probably seize any opportunity that becomes available for China-bashing with regard to currency manipulation. But the train has left the station. What might have been a good argument in 2006 or even 2010, is marginal at best now. Since the first quarter of 2007 the rinminbi has appreciated 30% against the dollar. At the same time, China's current account balance (what used to be called the "balance of trade") has declined from slightly over 10% of Chinese GDP to slightly over 2% of Chinese GDP. China is no longer racking up huge surpluses in trade with the United States or anyone else currently. So the horses have left the barn and Mr. Romney will threaten a trade war with China when the justification for such an action has pretty well disappeared. Smoot--Hawley anyone?