Lower than expected revaluation of renminbi boosts China outlook

Asian equities are set to soar, as confidence in the Chinese economy improves, after the renminbi revalued against the dollar by only 2.1%. The currency has gone from RMB8.28 to the dollar to RMB8.11 against a basket of indices including the euro, a change which is expected to have little impact on the economy. China had been under pressure by the US and Europe to revalue its currency. This was because leaders in both countries felt it had an unfair advantage over them because of its low currency and labour costs. Initial concerns from managers were that the revaluation would cause...