Published by Jamie JemmesonThe decline of the euro has put the case for a revaluation in the renminbi under close scrutiny, according to the Financial Times.The paper notes that Chinese goods are now 14 per cent more expensive in Europe than they were at the beginning of the year, a factor which has cooled interest in a revaluation that seemed a done deal only weeks ago.China had gestured towards a revaluation of the renminbi against the dollar amid mounting political pressure from the US, where many claim the Chinese currency is significantly undervalued.However, even those who backed the plan are beginning to show doubt, an editorial in the paper added."Those who see the economic merits of a revaluation are having second thoughts, as the European troubles reignite their fears that the global economy is bound for a second recessionary dip," the paper claimed.China and the US today (May 24th) begin annual trade talks, where a revaluation is likely to be high on the agenda.For more information on international payments, visit our Smart FX site