The explanation, I believe, lies largely in the August 11 devaluation of the renminbi, after a decade of appreciation. By moving away from the renminbi peg to the US dollar – an undoubtedly risky move – China demonstrated its willingness to allow market forces to establish the exchange rate in the long term.
我认为原因在于8月11日人民币的贬值上。这是十年升值后人民币第一次贬值。通过取消人民币盯住美元——毫无疑问，这是一个高风险的举动——中国表明了其在长期允许市场力量决定汇率的意愿。