After all, China has been under constant pressure from foreign governments to revalue, in the mistaken belief that a stronger currency would reduce China’s large trade surplus. And, since July 2008, when the exchange rate was $1:¥8.28 (and had been held constant for ten years), the PBOC has more or less complied, with appreciations approximating 3% per year through 2012.
掀起如此骚动并不令人惊奇。毕竟，中国一直饱受外国政府的升值压力——后者错误地认为人民币走强有助于减少中国巨大的贸易盈余。自2008年7月以来（当时的汇率是1美元兑8.28人民币，这一兑换比率已经维持了十年不变），人行或多或少地屈服于这一压力，到2012年为止，每年都保持3%左右的升值幅度。