If China were to reevaluate it's currency the biggest impact on the US might be for small businesses and that is why i believe the US is pushing so hard to get China on that path .

It is the major key to unlock employment in the US and rekindle it's economy .

The trade imbalance wil be affected as well but for so many decades the US have run trade imbalances with many countries , the most important one before China having been with Japan for over two decades and it did not prevent the US economy from thriving substantialy , although the same kind of rethoric as been eard towards Japan trade imbalance in the past .

The main problem may not be the weekness of other currencies but rather the perception about the safety of the US dollar that makes money flock to the US at any given time and especialy at times of uncertainty .

It is based as much on a economic perception as on political assumptions and is the result of more then a century's world history . The real imbalance is the one based on the relative power the US holds among the world and this won't change overnight , but it is happening slowly as perception is slowly evolving .

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