1. It is misleading for foreign critics to cite China's swelling foreign exchange reserves as a major reason for revaluing renminbi.
2. But some US congressmen are still pressing the Obama administration over revaluing Chinese currency and other issues.
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3. The comments from Wang would seem to cool renewed speculation that the government is on the verge of revaluing the yuan.
4. The Hong Kong and Shanghai Banking Corp predicted last week that China will not consider revaluing or floating the yuan within the next 18 months.
5. First, revaluing the yuan would make China's exports more expensive.
6. American business and labor groups have asked the Bush administration to pressure China into revaluing its yuan currency also known as the renminbi.
7. Some analysts say China is revaluing the yuan at a faster pace to reduce the pressure of inflation because it will make imports cheaper.
8. Although neither leader reportedly mentioned revaluing the yuan, it is understood this was an underlying theme.
9. But revaluing renminbi hastily or dramatically would have negative effects on the Chinese economy, which must not be overlooked.
10. The plan is similar to the 1985 Plaza Accord in which Western countries forced Japan into revaluing the yen.