The renminbi exchange rate has a new symbolic number for traders to obsess over. For nearly a decade before 2005, the figure implanted in investors’ minds was 8.28, the level at which Beijing targeted its currency against the dollar. Pleas, enticements and threats from the US to let it rise were finally rewarded in 2005 when China let the currency appreciate. After repegging it during the financial crisis in 2008-10 Beijing has since broadly followed a policy of managing the currency’s movements to prevent instability.
人民幣匯率有一個新的象征性數字讓交易員們糾結。在2005年之前的近10年里，根植于投資者腦海的一個數字是8.28，那是北京方面設定的人民幣對美元匯率的目標水平。美國的懇求、利誘和威脅在2005年終見成效，中國允許人民幣升值。2008年至2010年金融危機期間，北京方面讓人民幣匯率再度盯住美元，自那以來，中國一直遵循管理人民幣匯率以防止不穩定的政策。
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