China export tax changes will not satisfy US, Japan and EU

"As [the US] wants a big revaluation, cutting the tax rebate is not sufficient," said Frank Wong, chief currency strategist at Bank of America in Hong Kong.

Timothy Condon, chief economist for Asia at ING in Hong Kong, agreed: "The Chinese government would like to have the political pressure eased and have people stop talking about them as a spoiler in the global economy. But I don’t see it going away with these measures."

English-language newspaper China Daily reported that the government wo