>> China is not revaluing as fast as other nations might like, and it is
>> still a tightly-controlled currency; they can stop revaluing whenever
>> they like. However, it is flatly false to say "China won't revalue".
>
> Depends what "revalue" and "devalue" mean. Most think of the words, and
> all write the words, as referring to an abrupt, significant,
> government-dictated change of exchange rate, ...
China last had that a few years back. Yuan had been pegged at 8.29 to the dollar for some time. The gov't changed the rules, switching to a currency basket; it went to 8.02 or some such that day, below 8 within a week or so,
> Washington is calling for an enduring 10-20 percent change.
My guess is that no sudden or rapid change is likely. The Chinese gov't wants stability. They've seen other Asian currencies crash, and they are intent on avoiding that. They have tight control on (among other things!) the yuan, and no intention at all of relinquishing it.
Slow steady change seems to be policy. The yuan is not really allowed to fluctuate. It is just allowed to rise slowly, with the rate of the rise fluctuating a bit. I think that will continue.
I do not recall exact numbers or dates, but roughly 2005-2008, it went from 8.29 to 6.8, about a 20% change. Recently 6.8 to 6.66, about 2% in a few months.