The article examines China's progress in improving its exchange rate policies since 2002. It looks at indicators like China's global current account position, the value of the renminbi, market forces affecting the currency, and China's compliance with IMF rules. The lack of progress in these areas has implications for China, the US, and the global economy. The article argues that common excuses for not addressing the undervaluation of the renminbi are not convincing. It suggests actions that China, the US, and the IMF can take to speed up progress in the next year or two.