Is China About to Revalue?

Financial markets in China are again rife with rumors of an imminent, one-off, significant revaluation of the renminbi. That a recent editorial in the Economic Observer Online made the case for just such a move is interesting. It's a responsible, sober site, and this clearly added to the chatter in the markets. I personally remain skeptical that this will happen (even though I'm persuaded by Michael Pettis and others that it should). I still think the leadership in Beijing sees a lot of downside risk to the move, doesn't yet believe inflation is a big problem, and believes the barbairians (the Americans and the Europeans) can be managed. But if you've got a way to get some money into RMB, it might be wise to risk a bit of it, because the chatter about this is as about as loud as I can remember.
Here's the link to the Economic Observer piece…
http://www.eeo.com.cn/ens/Observer/2007/12/17/89475.html