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China likely to revalue week of May 10: StanChart

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April 19, 2010, 7:40 a.m. EDT

China likely to revalue week of May 10: StanChart

By Chris Oliver

HONG KONG (MarketWatch) -- China is likely to revalue its currency early next month, possibly during the week of May 10, as the Shanghai 2010 Expo gets underway, after months of internal debate on its currency appears to be nearing consensus, according to Standard Chartered Bank.

"The hawks appear to be winning the case for a currency move, but the doves appear to be winning the argument in terms of gradualism," Standard Chartered said in a note released Monday, adding that the decision to revalue may already have been taken.

They added that the scale and pace of the move might "disappoint" those expecting a repeat of the more than 2% immediate gain against the U.S. dollar seen during its previous currency regime change in July 2005.

"A much smaller and ongoing move is more likely," Standard Chartered said. The bank also said China would likely allow more flexibility by broadening the yuan fixings by 10 to 20 basis points per day, up from 1 to 2 basis points currently. A wider band, it said, along with gradual appreciation, would be inline with China's financial reforms since the 1980s.

I hate China!!!!!!!!!


me too!!!


doesnt the china dude take his position at the IMF on the 3rd?...i was kinda hoping to see china do it before he took the position officially..wonder if we will see he has delayed taking that position til after china does their rv...just wondering

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