PBC rejects renminbi revaluation talk

An official at the People's Bank of China has refuted speculation in local media that it may be planning to revalue the renminbi this coming March, allowing China's currency to rise by 5% against the U.S. dollar.

The renminbi is currently pegged to the U.S. Dollar at a rate of 8.277 to 1. The revaluation, reported by China Business Post, would increase the exchange rate to 7.887 to 1.

"What the newspaper reported was just their own speculation. The report is groundless," a People's Bank of Chi