Earlier we noted Geithner proposed balanced trade at the G-20 meeting.

How did that work out for ya?

Well, in response to the demand the G-20 confront currency re-evaulation, the G-20 gave China and Brazil more power.

More than 6 percent of IMF voting rights will be reallocated to countries such as China, while Europe will give up two board seats, G-20 finance ministers said yesterday after meeting in Gyeongju, South Korea. They also assigned the Washington-based fund a role in monitoring global trade imbalances and exchange rates.

Great, the biggest currency manipulator now has more power in the IMF, plus one of the biggest offshore outsourcing destination countries now have board seats.

After the changes take effect, the fund’s 10 biggest shareholders will comprise the U.S., Japan, four major European economies and Brazil, Russia, India and China. The IMF will have 24 board seats.

From International Business Times, that ain't too swank, it implies the Asian countries, particularly China, India, can act as a block, in unison.

Treasury Secretary Timothy Geithner testified today before the Banking, Housing & Urban Affairs Committee. The headlines blaze with a Geithner quote, it is past time for China to move on Yuan re-evaluation, as if some sort of action might actually happen against China and their currency manipulation.

In reading Geithner's hearing testimony, we have this:

We have very significant economic interests in our relationship with China. With over 1.3 billion people and an economy continuing to grow at or near double-digit rates, China is our fastest-growing major overseas market. China’s record of bringing hundreds of millions out of poverty, building a rapidly growing middle class, and now its efforts to encourage growth led by domestic demand, ultimately mean more demand for American goods and services. Increasing opportunities for U.S. firms and workers through expanded trade and investment with China will be an important part of the success of the President’s National Export Initiative and our efforts to support job growth more broadly.