Richard McGregor in the FT reminds us of a very important point to consider in the current discussion of RMB revaluation:

Nearly 2½ years on from the July 2005 move to abandon the peg, Mr Bo [Xilai] and the various lobbies in China that opposed revaluation have been proved wrong.

“China’s net exports between 2004 and 2007 will have quadrupled. Clearly the export regime is very much more robust than the people proffering that advice understood or were willing to admit,” says Nicholas Lardy, of the Peterson Institute for International Economics in Washington. 

I was one of the people who wondered what would happen to some of those tiny margin exporters, thinking that some of them might get pushed over the edge. Looks like so far that has not been a problem.

Another vote for faster revaluation – seems like there is a new one every day.