China has announced that it is revaluing the yuan but keeping it fixed, this time to a basket of currencies, rather than the dollar. Rates are expected to go from 8.27 or so now to the $1 to about 8.11. If so, it'd be a very modest move.

I don't think China or Malaysia have yet announced what the basket is. As luck would have it, I'm in Malaysia now, and it looks like a bad day for changing money, as moneychangers also seem very uncertain and are quoting rates like 3.4-3.6 (vs. a stable 3.75-3.80 for several years). I hope any credit-card charges or ATMs going through today get better rates than that.

China has been under pressure from the U.S. to revalue the yuan and I think they were expecting something more like 10%, which doesn't appear to have happened. Would expect any move in the yuan to be matched almost percent for percent onthe ringgit, baht, Singapore dollar and, to a lesser extent, the peso and rupiah. Could make Southeast Asia less of a bargain.