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Focuses on the U.S. President George W. Bush administration's reaction to China's foreign exchange policies. Efforts of the U.S. to urge China to relax its fixed exchange rate to the dollar; Possibility that the administration will anger China if it accuses it of manipulating its exchange rate to gain unfair trade advantage over the U.S.; Call by Congress for restrictions on Chinese imports; Skepticism of legislators about trade-opening deals in general; Pressure on Treasury Secretary John W. Snow to declare that China has been deliberately undervaluing its currency, the yuan, to keep Chinese exports cheap and build its huge trade surplus with the U.S.; Dilemma of the Bush administration if it gives China a clean bill of health; Implications if China relaxed its policy of pegging the yuan to the dollar; Outlook.