Chinese Currency Manipulation?

The Chinese economic planners are following a similar tact to U.S., European, and Japanese economic planners. They are all trying to gingerly tap on the breaks, although for varying reasons. China is using both the credit markets (and relationships) and the currency markets. The yuan is now trading below 8 to 1 U.S.$ and the trend should keep the ratio moving in the direction of a weaker dollar/stronger yuan. This won't stop the "China's manipulating it's currency" mantra. I think that's really all a smokescreen anyway. A lot of people are just really scared by China's rapid growth and the implications this has for geo-politics. The reality is that they have no idea how the currency impacts the rest of an economy, much less global markets and productive relationships. It's just one of those easy things to say. "China's manipulating it's currency." Funny thing was, they started saying this while the Chinese economic planners were doing absolutely nothing (one way or the other) with their exchange rate. It was fixed. It had been fixed for a number of years. They didn't even move it when the rest of Asia was suffering catastropic devaluations. But here's the irony part, China's authorities are NOW manipulating their currency by gradually revaluing it higher against the U.S. dollar.