However I should mention that, there is an open debate whether a revaluation of the chinese renminbi is at present appropriate, given, on the one  BIS Review 55/2003  1  hand, the fact that it will make relatively small difference, as far as it concerns China's trade surplus, if the chinese wage expressed in US dollars from about 10% of the US or EU average wage rises to 15% or 20% as a result of the revaluation, and on the other hand, a revaluation could lead to a deterioration of the already Chinese banks' fragile conditions and would also make more expensive the acquisitions of Chinese factories, commercial sites, etc by foreign investors.
One positive development that I cannot stress enough is the absence of any challenges to the financial stability in Europe and the US. Unlike the situation in the early 1990s, we have recently gone through a period of a prolonged and synchronized slowdown, made worse by geopolitical risks, with no major financial institution being impaired.