Mindful of the lessons of Japan – especially its disastrous concession on sharp yen appreciation in the Plaza Accord of 1985 – the Chinese have opted, instead, for a gradual revaluation. Recent moves toward renminbi internationalization, a more open capital account, and wider currency trading bands leave little doubt that the endgame is a market-based, fully convertible renminbi.
其次，自2005年年中以来，人民币已经对美元升值了31.4%，比当初的舒默-格雷厄姆法案所要求的27.5%幅度大多了。中国人吸取了日本的教训——特别是日本屈服于1985年广场协议让日元剧烈升值所带来的灾难性影响——选择了逐步升值之路。最近中国出台了人民币国际化、加大资本账户开放、增加货币交易上下限等措施，毫无疑问地表明了其最终目标是基于市场的、完全可兑换的人民币。