US President George W. Bush said that a floating yuan could help balance trade between China and the US, Reuters reported. "We still have got a huge trade deficit with China, which then causes us to want to work with them to let their currency float. I think that would be helpful in terms of adjusting trade balances," he said. The yuan has appreciated 9.4% against the US dollar since a peg to the dollar was removed in July 2005, but its movement remains tightly controlled by the central bank. US imports from China totaled US$121 billion in the first five months of the year and could set a new record this year. US politicians have argued that China unfairly keeps the yuan low to make its exports more competitive. A number of congressional bills seek to officially label China a currency manipulator, which could force a series of punitive actions.