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While everyone is celebrating the news that the Chinese government has decided to let its currency to revalue I'm still skeptical about it. Since 2005, China has been under tremendous pressure from the US to revalue its currency as the US blamed China for causing the US high current account deficit with cheap influx of the Chinese goods. Hence, in July 2005, the RMB was revalued to 8.11 per US dollar, which was a mere 2% increment (Prior to that the Yuan was pegged to the US dollar at 8.27 from 1997 to 2005). Since 2005 the Chinese yuan was unpegged and allowed to float within a narrow band of 0.3% - 0.5%. However, in 2008 due to the financial crisis around the world, the Chinese Central Bank has manipulated their yuan to the dollar of around 6.90. Until recently, the Central Bank of China has announced to further revalue their currency through a more flexible exchange rate policy, how 'flexible' we do not know as there was not much information given. According to the Big M