AP Photo

National Economic Council Director Lawrence Summers and Deputy National Security Adviser Thomas Donilon arrived in Beijing yesterday to put relations with China back on track. Their visit is scheduled to end Wednesday.

At the top of Washington’s agenda are two items.  First, there is Beijing’s predatory fixing of the value of the renminbi. China had raised hopes on June 19 when it announced it would increase exchange rate “flexibility.” Up until then, the Chinese central bank had pegged the value of the renminbi to the dollar.