If you think United States Treasury Sec- retary Timothy Geithner's impromptu visit to Beijing will give a clear picture of where the renminbi rate will go, think again. It only adds to the unpredictability of China's currency.

Few are expecting that his visit will produce any immediate breakthroughs on China's currency policy. On the other hand, as economic relations between the two countries mend following Washington's step back from naming China as a currency manipulator, Geithner's visit does offer hope that the two sides might be reaching a common understanding on China's currency policy.

Due to domestic concerns over the impact of a hasty appreciation on both the trade sector and the overall economy, the Chinese government has insisted on keeping the renminbi stable at a balanced and reasonable level.