When the Chines revalue - thats then what will put the foundation under the global economy

"What Trichet has spoken to tonight and on Friday was that they would implement a significant bond purchase program for Spain and Italy...We're expecting $2 billion to $3 billion a day in terms of ECB bond purchase. How many days and weeks that continues, I am not sure. They might eventually have an actual interest rate target in mind. We are not sure of that either and they probably won't divulge it."

"[The Chinese] will not show up when it does not serve their best interests. They're beginning to sense, and I'm sure they've sense for a number of years, that the U.S. has a number of weapons to use against them in terms of their purchasing of treasuries. That would be low interest rates relative to the rate of inflation -- in other words, financial repression.

"To the extent the U.S. continues to employ that, it becomes an increasing cost for the Chinese. Their number one priority has been to put their people to work. In effect, the whole world is trying to put their people to work, but the Chinese especially. So what they have done is to fix their currency on a relative basis to the dollar, to buy U.S. treasuries and doing so to put their people to work. When those treasuries yield them nothing and become vulnerable from the standpoint of the dollar currency-wise, then that there might be something in the works. That is the most significant rebalancing effort. The ECB can buy bonds. The U.S. can do another QE 2.5. IF and when the Chinese basically revalue their currency significantly, that is a rebalancing effort that might ultimately put a foundation under the global economy."
http://www.zerohedge.com/news/bill-gross-tells-truth-sp-finally-got-it-right-they-are-enforcing-some-discipline-my-hat-them

Question - as the chinese revalue how much infaltionary preassure will that then cause the OECD countries that earlier to qute a large extend could rely on cheap chinese imports of cloths and high tech in order to maintan a decent purhasing power. Thats then a process that could be quite significants as the chinese reflate and the OECD deflate.