First, the facts: Since hitting its high watermark on January 14, 2014, the renminbi has depreciated by 3.4% relative to the US dollar through April 25. This follows a cumulative appreciation of 37% since July 21, 2005, when China dropped its dollar peg and shifted its currency regime to a so-called “managed float.”
首先来看事实：自2014年1月14日触及最高点以来，到4月25日，人民币兑美元汇率已下跌3.4%。此前，从2005年7月21日中国取消盯住美元政策，开始采用所谓的“有管理的浮动”机制以来，人民币累计升值37%。若与近九年前的起始点相比，人民币仍升值了32.5%。