China stands firm on peg

"There’s tremendous pressure on China, but I don’t think it’s intensified to the extent that we’re going to see a significant revaluation," said Mike Moran, global markets economist at Standard Chartered in Hong Kong.

"I would be very surprised if there was any change in China’s exchange rate policy in the near- to medium-term," added Mike Newton, Asian currency strategist at HSBC in Hong Kong. "You have to ask two questions: first, can China be forced into revaluation? To which the answer is