China tipped off Snow to revaluation

China gave a rare early warning diplomatic and economic signal to US Treasury Secretary John Snow of when and how it would scrap the decade-old peg of the renminbi to the dollar, the Financial Times reported, quoting sources close to the yuan controversy. Last week Snow was quietly given the details by the usually secretive Beijing government, the newspaper said. He had been criticized sharply by Congress and manufacturers for his two-year campaign they said wasn?t yielding results. Snow had consistently urged China to revalue its currency, saying flexibility was in China's best interests; he avoided shrill rhetoric and threats; he also emphasized global concerns, rather than specific US interests apparently effective moves in finally persuading Beijing.