I have blogged about the issue of currency undervaluation and potential of a trade law dispute here.The G-20 recently spoke about it here.
Just finished a book called "Currency Wars: The Making of the next Global Crisis" by James Rickards that provides an overview of the history of currency undervaluation as a tool to boost one's economy and the significance it has on the international economy. Scary scenarios have been suggested. The interesting part of the book is that currency misalignment and manipulation are seen as tools of economic warfare that need to be recognized by countries as part of their national strategy.
As have said, is 2013 the year of the big current war or trade dispute?