This is an astounding headline. According to Bloomberg, Chinese Business Executives are meeting right now with President Obama and are for increasing the value of Chinese currency in relation to the U.S. dollar.

Chinese executives are joining U.S. President Barack Obama in backing a stronger yuan, even as Premier Wen Jiabao says the currency isn’t undervalued.

Yang Yuanqing, chief executive officer of Beijing-based computer maker Lenovo Group Ltd., said gains would boost consumers’ purchasing power. Qin Xiao, chairman of China Merchants Bank Co., said an end to the yuan’s 20-month peg to the dollar would let lenders set market-based interest rates. Chen Daifu, chairman of Hunan Lengshuijiang Iron & Steel Group Co., said a stronger currency would cut import costs.

See that folks, purchase power, that means the Chinese middle class.

“We need to emphasize the benefits of yuan gains,” Zhang Yanling, vice chairman of Beijing-based Bank of China Ltd., the nation’s biggest foreign-currency lender, said in a March 19 interview. “The U.S. should also be talking about both aspects of the issue. We shouldn’t politicize it or become emotional.”

I can agree with that one. So, let's call it currency misalignment that needs to be readjusted since China has emerged from a underdeveloped economy to a global economic powerhouse.

I personally did not expect to see this one coming. The article continues to note a sudden spike in the Renminbi could cause market disruptions. I am sure this is accurate, but just assumed one would not have a sudden spike but a timed and staged revaluation.