Following the chart showing China's acutal purchases of US Treasuries lags far behind perceptions comes an excellent piece in The Times sayign America misdiagnoses the "China syndrome":

The problem with all of these protectionist prescriptions is that, not only do they wholly misdiagnose the malaise supposedly gripping the American patient, but also that the supposed “cure” could prove lethal — and would certainly be extremely painful.

The senators’ misdiagnosis rests on their belief that the yuan is hugely undervalued, that Beijing is barely moving to address this and that the cheapness of the Chinese currency is what drives the scale of its exports to America. All of these views are mistaken.