Published by Mark Smith-HalvorsenFederal Reserve chairman Ben Bernanke has invited China to allow more flexibility in exchange rates for the yuan.During testimony given to the Joint Economic Committee of Congress, Mr Bernanke said that "most economists agreed their currency is undervalued", and added that it would be good for China to "allow more flexibility in their exchange rate"."It would give them more autonomy in their monetary policy so they could address inflation and bubbles," he told the panel.His comments come as pressure on the country to revalue its currency reaches fever pitch. A survey of analysts carried out by Bloomberg earlier this week revealed expectations that the rebalancing will come by the end of this quarter.Meanwhile, additional positive economic data coming out of the powerhouse Asian currency looks likely to continue to add to this pressure. According to the latest growth figures from the country, gross domestic product increased 11.9 per cent in the first quarter of the year.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site