Pressure to re-evaluate RMB grows from US

The US has become increasing perturbed over China's reluctance to revalue its currency, the renminbi (RMB), which is criticized for being undervalued: the American government and industry has called on Beijing to remedy the situation, claiming the undervalued currency is costing America job losses. According to Aberdeen Asset Management Asia, some job losses in the US have been directly blamed upon cheaper imports from China. Jerry Jasinowski, president of the US National Association of Manufacturers, said the RMB, which is pegged at around 8.28 to the US dollar, is between 30-40% underva...