The Bush administration is warning China to play by world trade rules, or else.
A new Treasury Department report accuses China of using its currency to get an unfair advantage, and could face formal charges if it doesn't change course.
And President Bush says China needs to abide by the commitments it made to enter the World Trade Organization. He says that means stopping the theft of U.S. intellectual property and lifting barriers to U.S. goods and services.
Bush spoke at a swearing-in ceremony for U.S. Trade Representative Rob Portman.
The administration has been prodding China for two years about its currency, complaining it's pegged to the dollar at a rate so low that it makes Chinese exports dirt cheap.