China 1.27 3.43 -59
That must change, and much more urgently than the present euro overvaluation must change, and the US gives every indication of taking measures to compel the change. That will require China to diversify out of dollar assets, and should bring the dollar/euro PPP exchange into line.
The currency markets are complex beasts, as I'm sure you know. Many people make the mistake of treating them like stocks, even people who should know better. People who should know better often make mistakes too - I should know!! =)
PS. And with Japan Inc. roaring back to life, fixing that -23 undervaluation is gonna leave a nasty mark too....