Fair say.
As a matter of fact, the US Administration won't really push hard for the free floating of RMB exchange rate. China government holds approx 180bn US bond as the national reserve, and is the second largest creditor to the US government. Read this.
If China selling the US bond in bulk volume, that can create great impact to the US administration. Remember the Bush administration is operating on a red budget. See this blog for another opinion.
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