What's the Name of That Book??? discussion

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Operation Red Jericho
SOLVED: Children's/YA
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SOLVED. Children's fiction book with unusual binding-- small, red, bound with elastic, featuring Shanghai, espionage, and possibly submarines as major plot elements? [s]
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It was a small red hardcover book that could be closed with a black elastic band. On the front there was a compass. On the inside pages were several maps of China. The central characters were children (I believe siblings) who were for some reason in the Far East around the turn of the century.
Submarines were, if I remember correctly, a major part of the book.
This book was sold at school book fairs throughout the US during the mid/late 2000s. Does anyone know what I'm talking about?