The debate about whether China will shift its pegged currency regime has turned into frenzied speculation about “when” and “how”. China has kept the renminbi at around 6.83 per dollar since July 2008 as it sought to help its exporters survive the dramatic nosedive in global trade.
Now, as there is growing evidence that the global economy is making a steady recovery – and as political calls in the US get louder for China to let its currency appreciate – both Chinese and US officials have been preparing the ground for a shift.
In terms of “when”, the visit of US Treasury secretary Tim Geithner to Beijing – and his decision to delay a report to Congress on whether to label China as a currency manipulator – has raised expectations.
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