What will happen if and when China releases the peg is unknowable; who among us predicted that the response to the euro's introduction in January 1999 would be three years of unmitigated selling? China has been flooded with speculative capital waiting for a revaluation, and this capital could jam the exits when it is allowed to leave. We tend to forget in our new view of China that it is still the People's Republic of China, and people's republics of anything tend to have their own views of property rights. This is not a warm and fuzzy home for your money.