How much has the renminbi devalued?

Remember back on June 19, just before the G-20 summit meeting, when China announced it was going to allow the renminbi to revalue against the dollar? It has -- all of 1%. Interestingly, most of that 1% revaluation occurred in the last few days, just prior to the congressional hearings on China's currency policies starting Wednesday.

Treasury Secretary Geithner, who is scheduled to testify on Thursday, has told the Wall Street Journal that the Chinese have "done very, very little".