In late February, the gradual appreciation of the renminbi was interrupted by a 1% depreciation (to $1:¥6.12). Though insignificant in overall trade terms, especially when compared with the volatility of floating exchange-rate regimes, the renminbi’s unexpected weakening sparked a global furor.
帕洛阿尔托—中国人民银行看起来是不可能赢了。2月末，人民币的渐进升值之路被1%的贬值（至1美元兑6.12元人民币）打断。尽管这对于贸易条件来说无关紧要，特别是与浮动汇率机制的波动相比就更是如此了，但人民币出人意料的贬值激起了一阵全球骚动。