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China might revalue its currency this year: Kissinger

AFP [1]
Jan 24, 2011

WASHINGTON – China could act on revaluing its currency over the course of the year, without admitting defeat in their battle with the international community over its value, former US secretary of state Henry Kissinger said Sunday.

In an interview with CNN, Kissinger, who worked to open US relations with China 40 years ago, said he would be “disappointed” if China did not make such a move on the yuan or renminbi (RMB).

“If it can be done in a way that it does not look like a Chinese defeat, in other words, if they don’t have to step up to a rostrum and say say, ‘We have agreed to move the currency,’ I believe they now understand a way it might be done with some mutual concessions over a period, say, of a year.”

“I would be disappointed if that did not happen,” he said.

Kissinger acknowledged, however, that the change may not reflect the percentage the United States is looking for.

Full article here [1]