Greenspan pressure on China currency revaluation

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Some observers think that chances are greater than ever that China will soon revalue their currency, as they have been urged to do by the United States and other nations. China continues to insist that it will not bow to outside pressures to revalue the renminibi after calls to do so at last weekends G7 meeting. Analysts say, however, that Chinas absence from that meeting is simply its way of appearing to resist outside pressure as they prepare to carry out the revaluation. The pressure continued from the United States on Thursday as Federal Reserve chairman Alan Greenspan said that China will have to go ahead with revaluation sooner rather than later in order to assure global economic stability. Secretary of the Treasury John Snow, who pursued the issue at the recent G7 meeting, supported Greenspans comments, saying that now is the time for China to revalue, having come so far toward that goal already.