It was reported that Obama spoke with Hu Jintao, the Chinese President, and emphasized his willingness to 'further strengthen constructive relations between China and the US.'
Given that I share both a political (uberliberal with a moderate mask) and a geographical persuasion with Obama Smartypants let me try to handicap what these 'constructive relations' might be.
Obama hinting to the Chinese that a small devaluation of the yuan would be acceptable in these troubled times is the uberliberal version of a Chinese mousetrap.
Enacting trade protections in order to keep those stimulus dollars on the homefront is much easier within the context of China stealing manufacturing jobs with a manipulated currency.
The Chinese would be wise to see yuan appreciation as an insurance premium to allow export access.
My bets though are now on the cheese being too tempting.