revaluation of the yuan to the dollar would mean an increase in its value against the euro and other currencies. Consequence - Deterioration of the overall position of China as a major exporter of the world (not only in trade relations, "U.S. - China." This is one reason why the Chinese authorities in Recently, both fighting for the transfer of trade with other countries in the Yuan. In this case, China could get all the advantages possessed by the issuers of international currency (seigniorage). But for that the yuan should be a market, not rigidly controlled.
Meanwhile, on how you will behave in the Chinese yuan and Japanese Yen, will largely depend on exchange rates and other Asian countries. Major conflicts of interest are located in pairs of the US-China "policy and the US-Japan". Other Asian Currency is a slave, their rates will change after the yuan and the yen. Japan in this bunch of weak link, it is - the market. Its currency is sailing, and yuan - pegged at the pier. Through the revaluation of the yen under pressure from the dollar may try to get it, and the yuan.
In China the U.S. will continue to seek to pressure, and the Chinese authorities - to explain why it is impossible revaluation of the yuan. But agree it would be difficult to change the situation can only rebalancing American economy. This - the official U.S. policy. Its aim - to weaken the mutual embrace of the U.S. economy and China's dependence on one another. Correct pre-crisis model, when the U.S. is fueled by imports from China and other developing countries and lived in the debt capital for the third world.
ruble to the dollar, euro and other currencies will be determined by their own dynamics in international markets. His independent movement is secondary, if there is no fundamental changes in the domestic economy, or do not come into play speculators. Or the Bank of Russia begins to artificially fix its level based on their perceptions a fair rate of the ruble. But it was the dollar as world reserve currency is a key indicator for us. Russia "good lives" when the dollar weakens to a basket of international currencies - are beginning to rise the price of oil, metals, grain, stock prices. And vice versa. Forecast of the dollar (the euro, yen, Swiss franc etc.) and the future of the Russian economy - now the same thing.
Do not expect a "currency war" in its open form. The level of globalization and interdependence economies are so high, and the reluctance to enter into the next world crisis is so strong that it was unlikely the government and the central banks of countries would like to major currency shocks.
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