Well-known Hong Kong currency analyst Marc Faber said that "It is clear that over time the Asian countries will kind of de-peg from the U.S. dollar. Now, the big question in the case of China is at what level would you be comfortable of having the renminbi against the dollar? I think the renminbi could appreciate by 90 percent."

Researcher Morris Goldstein, of Washington's Institute for International Economics, believes China's currency is at least 20 percent undervalued against the USD.

So it appears to be unanimous that China's currency is significantly undervalued because of the country's huge and growing trade surplus. The issue is by how much, and when.

Clearly nobody knows by how much.

As to when China intends to finally reform its currency regime, central bank governor Zhou Xiaochuan said on April 23 that mounting international pressure could accelerate China's plans, which has started speculation on that score as well.

Wei Benhua, deputy director of the State Administration of Foreign Exchange, was quoted (Xinhua) as saying China won't change the yuan's value in the "short term" because the banking industry is weak and its foreign-exchange market is not mature enough. He spoke this week to reporters at the Boao Forum in China's southern province of Hainan.

So, unless your name is Zhou Xiaochuan, you also don't know when this change will occur.

As my guess is as good as any in the office pool, I'm sticking to calling for a re-peg to a basket of twelve currencies, which will start off at ten yuan to the USD (25 pct increase in value), and the official decision will be made in mid-to-late September.

Who really knows? But we all know it's yuan popular Renminbi.