The United States is losing patience with China as the Chinese move slowly on their currency policy. Many in the US believe correctly that the Chinese are propping up their exports, and hurting US imports, by undervaluing their currency. Larry Summers visited China but no progress has been made . . . at least in public statements.

China rejected pressure over currency Tuesday amid a visit by two high-level U.S. envoys, saying Beijing will set the pace of exchange rate reforms.

Currency has re-emerged as an irritant in U.S.-Chinese relations as American leaders face pressure to create jobs ahead of November elections. Lawmakers who want possible trade sanctions on China set aside complaints as the two governments worked together to end the global crisis but are renewing their demands.

“Exchange rate reform can’t be pressed ahead under external pressure,” said Jiang Yu, a foreign ministry spokesman.

The Chinese don’t want to ;look like they are bowing to pressure, so we all need to go through this diplomatic song and dance. Eventually, a change has to be made.

U.S. prosecutors, empowered by the Foreign Corrupt Practices Act of 1977 (FCPA) to investigate allegations of bribery anywhere in the world, have been stepping up their activities in China, where a tradition of gift-giving in business often degenerates into serious graft. The FCPA bans U.S. companies from bribing foreign officials. It also applies to foreign companies like Siemens that list their securities on U.S. exchanges. Companies that violate the FCPA face millions in fines, and executives can go to prison. U.S. authorities have upped the number of bribery cases they pursued to a resolution around the world, from 11 in 2005 to 34 last year, according to Trace International, a nonprofit anti-bribery group based in Annapolis, Md. In a report released June 17, Trace pointed out that China, with 25 cases completed since enactment of the FCPA, fell behind only Iraq and Nigeria for the most international corruption prosecutions. Citing a World Bank estimate that more than $1 trillion in bribes are paid each year, U.S. Attorney General Eric H. Holder Jr. on May 31 called “combating corruption one of the highest priorities of the Department of Justice.”

Chinese prosecutors, meanwhile, are getting more aggressive under their own antibribery laws, says Patrick M. Norton, a partner with Steptoe & Johnson who focuses on international mediation.

Slowly but surely, the game is changing.

China’s central bank announced on Saturday evening that it would allow greater flexibility in the value of the country’s currency, in the clearest sign yet that China will allow the renminbi to appreciate gradually against the dollar.

The People’s Bank of China said that the Chinese economy was strengthening after the global financial crisis and that it was “desirable to proceed further with reform” of the currency, known as the renminbi or yuan. The announcement comes a week before world leaders gather in Canada for the Group of 20 and Group of 8 summit meetings. A growing number of countries have been calling for China to let the renminbi appreciate, including not just the United States and European nations, but India, Brazil and Singapore in recent weeks.

This is big news. For years China has kept its currency artificially low vs the dollar. Now we might see an adjustment that let’s the market have more of an impact on the value of the currency, which can help with the China/US trade deficit.

Tensions continue to ease between China and Taiwan.

Taiwan is to open its first office in mainland China since the two sides split at the end of civil war in 1949.

The office – known as the Taiwan Strait Tourism Association’s Beijing Office – will try to encourage more Chinese tourists to visit the island.

The opening of the office is a further sign of improving cross-strait ties.

Taiwan’s President Ma Ying-jeou came into office in 2008 focusing on reducing tensions between the two former rivals.

Since Mr Ma opened up Taiwan to Chinese tourists in mid-2008, the number of Chinese visitors to the island has skyrocketed.

The photo above shows Chinese tourists leaving a duty-free shop in Taipei, Taiwan. Taiwan opened its first tourism office in Beijing to promote tourism and handle tourists’ problems, but will not issue visas.

Taiwan and China split at the end of a civil war in 1949. Tension eased in the late 1980s when Taiwan allowed its citizens to visit China. Last year, some 4 million Taiwanese visited China, while 970,000 mainlanders visited Taiwan.

Here’s a really cool photo of a semi deserted elevated walkway at the site of the 2010 Shanghai World Expo minutes before the opening ceremony today in Shanghai, China. Shanghai has tightened security around the 2010 Shanghai Expo site ahead of the opening ceremony which will be open to only a select number of people, and some roads around the Expo site are being closed off. The official opening to the public will be tomorrow.

BP is the largest partner in the venture, but only by a dipstick: It has a 38% stake, while the Chinese hold 37% (the rest is owned by an Iraqi company). The media focus has been on BP’s decision to take up the Rumaila challenge for a low fee of only $2 for every barrel the venture produces. But the more important story could be China’s role. “CNPC’s involvement brings together the country with the most rapid growth in energy demand in history with the country that plans the greatest buildup of production capacity ever,” says Alex Munton, an Iraq specialist at Edinburgh-based oil consultants Wood Mackenzie.

There’s also some interesting information about China’s commitment to training workers who can work in the oil industry.

China is the low-cost provider in the industry. “As a general rule of thumb, Chinese management and labor costs are about one-third if not one-fourth of Western costs,” says Gao, the ex-CNOOC executive. Nine colleges and universities focus exclusively on oil studies in China: “The Chinese treat the industry as a life-and-death issue,” says Gao. The Western oil industry’s workforce is aging rapidly. “Analysts always mention that the oil majors face personnel shortages,” says Xu Xiaojie, an independent oil and gas adviser in Beijing. “In China we have a surplus.”

The Iraq ventures still face formidable obstacles—sectarian strife, corruption, and government instability, among them. The Iraqis also may not welcome large numbers of Chinese to their fields. “Yes, bringing in low-cost engineers is China’s advantage,” says Trevor Houser, a partner at the Rhodium Group, a New York-based research firm that studies India and China. “But that has created tensions [elsewhere]. Look at Zambia, where an election was pretty much fought over China.”

It will be interesting to see this play out.

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Meanwhile, the Chinese government is trying to pass some of the blame to the exporters and US companies who accepted the products.

So many American companies transferred manufacturing to China to save money, and retailers like Wal-Mart encouraged this strategy. Now they are paying the price.

We take for granted the numerous regulations in the US designed to protect us. We’re now seeing the risks of outsourcing. Of course outsourcing a trade will continue, but relying on Chinese components and products just got a little costlier.