China revalues its currency

BBC

China has abandoned its currency's peg to the dollar and revalued the yuan by 2.2%. It now buys more US dollars than before.

With China both one of the world's largest exporters of manufactured goods and one of the largest importers of raw materials, the move's economic impact will be felt worldwide.

My bet is that the US economy will improve because of the more expensive Chinese imports (on which the US Walmart economy is based these days), and Bush will take all the credit though he had nothing to do with it. Anyone care to wager otherwise?