主题：【原创】瞧这小脸变得，原来的底色都看不清了。 -- 我是红老虎

Lama is not the key issue.

1.Exchange rate

2.Iran

Exchange rate issue is key to both nations: China needs to maintain employment level, US need to get some jobs back into it own market. Since US job market recovers better than expected, Obama might reduce weight on this issue--still crucial for Chinese.

Iran: very bad that Chinese betrayed an important energy supplier. I do not think a muslim radical nation can be China's long term ally, but this betrayal sets up a bad precedent.

For America, it is their crucial geopolitical target, so it is a good deal for US. While Iran is not that important for China at all. Anyway, if Iran needs to sell oil to maintain is hopeless public finance. It is better to sell to Chinese or Europeans than to sell to Americans.

In sum, China avoids an immediate trade shock and defer many economic problems. US is further induced into a trap: final confrontation with Iran.

I am not sure this is actually a good outcome for US in the long run--hopefully, Obama is not the president that authorize formal invasion of Iran.