The architect of the Hong Kong dollar peg does not believe the mainland will alter its fixed exchange rate system this year. 'There's not going to be any changes in the yuan,' said John Greenwood, the chief group economist for Invesco Asset Management. He maintains his view despite repeated calls from United States officials, along with market anticipation that the yuan will be revalued either through a widening of the trading band or a re-pegging to a basket of non-US major currencies. 'There is less focus [in China] to move to a flexible regime. The Chinese authorities are primarily concerned with the banking system and building money in credit markets that are strong and resilient and then gradually freeing up capital flows,' the economist explained. With no change in the yuan, Mr Greenwood does not expect significant appreciation of Asian currencies this year, even though the US dollar is expected to remain weak in the first half due to the widening deficit. He expects US dollar adjustments to be made against the yen, the euro and some commodity currencies. The fixed rate advocate also believes a change in the Hong Kong dollar peg would be unwise. Mr Greenwood said the peg itself would not cause rigidity in the Hong Kong economy as long as prices, wages and other economic structures could adjust. 'Hong Kong has just been through an extended deflation. To allow its exchange rate to float, it would only extend the pain,' he said. 'I think there is unlikely to be a policy shift.'