US Senators Charles Schumer and Lindsey Graham were positive about China's attitude towards a more flexible currency and hinted that they may delay a vote on their bill to place a 27.5% tariff on Chinese exports entering America. Before Sunday I would have characterized China's trade policy as mercantilist,ï¿½ Schumer said, according to a Financial Times report. But I am convinced now that the Chinese government agrees that the currency should float.ï¿½ It is now believed they will not call for a vote on the bill this week and may even wait until after Hu Jintao's visit to the US next month. They have said the tariff would balance out the unfair trade advantages China derives from having a currency that is 15-40% undervalued. The yuan was revalued by 2.1% last July but has since risen by less than 1% against the dollar.