If the Obama administration has become more relaxed about China's currency policy, with the Treasury widely expected not to name Beijing as a “currency manipulator” in its forthcoming report to Congress, the same is also true in Asia.

Given the effective peg that Beijing now operates against the US dollar, the Chinese renminbi has depreciated substantially in recent months against many of its neighbours, giving Chinese companies an advantage in shrinking export markets. However, so far, this has prompted surprisingly little public concern in Asian capitals.

The main focus in Asia remains the dollar, which many see as a direct threat to their trade prospects in the US, rather than the Chinese currency. Moreover, any disquiet in Asia about the renminbi being undervalued has been tempered by the positive impact of the rebound in China's economy and the confidence that this has helped generate.