Emerging market (EM) currencies have tumbled against the US dollar over the past three months – with a single exception. Not only has the renminbi resisted kowtowing to the resurgent greenback, it has strengthened against it even as the currencies of its BRIC counterparts – the real, the rouble and the rupee – have fallen 7.8 per cent, 14.3 per cent and 1.6 per cent respectively since July.
過去三個月，新興市場貨幣兌美元匯率大幅下跌——只有一種貨幣例外。7月份以來，盡管金磚四國(BRIC)中其他幾國的貨幣（雷亞爾、盧布和盧比）兌美元匯率分別下跌了7.8%、14.3%和1.6%，但人民幣不僅沒有臣服于美元的反彈，而且相對美元還升值了。
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