From China Economic Net: "The topic on the appreciation of Renminbi has been actually talked about for more than two years now. The recent rise of the topic can be ascribed to changes in the international economic and political situation and remarks made by Zhou Xiaochuan, governor of the People's Bank of China during the National Day holiday that improving the Renminbi exchange rate forming mechanism means "greater flexibility". The remarks sparkle imaginations for people in the market.
Recently China's State Administration of Foreign Exchange dispelled rumors about the appreciation of Renminbi, denying speculation that the currency would be revalued in the near future once again. So why does China stick to its ground and not let its currency appreciate? '
The full article is here.