The renminbi remains 15 per cent cheaper against the dollar than it was in 1993.

The currency has become more flexible and appreciated about 20 per cent against the dollar.

汇率弹性有所增强，人民币兑美元已升值约20%。

It has only allowed the renminbi to appreciate minimally against the dollar this year.

今年迄今，中国仅允许人民币兑美元微幅升值。

On balance, I expect the outcome to be a modest appreciation against the dollar.

总体而言，我预计结果将是人民币兑美元适度升值。

In nominal terms, it has risen 31 per cent against the dollar since 2005.

自2005年以来，人民币兑美元名义汇率已上涨31%。

China is likely to resume gradual appreciation against the dollar at some point this year.

中国很可能会在今年的某个时候，重启人民币兑美元逐步升值的进程。

In August, the renminbi even depreciated slightly against the dollar.

今年8月，人民币兑美元甚至略有贬值。

But from last December, the renminbi has moved less predictably against the dollar.

但从去年12月开始，人民币兑美元汇率的走势就不那么好预测了。

Owen gallimore, Asia credit analyst at ANZ, reckons the recent decline is a "temporary phenomenon" and that the market will come "roaring back" as soon as investors regain confidence that the renminbi will strengthen sharply against the dollar.

澳新银行（anz）亚洲信贷分析师欧文加利莫尔（owen gallimore）认为，近期的下跌是一种“暂时现象”，一旦投资者开始重新相信人民币兑美元将大幅升值，市场将“强势反弹”。

The renminbi has repeatedly set new highs against the dollar in recent months.

最近几个月，人民币兑美元汇率屡创新高。

But the pace of appreciation has slowed sharply over the last two months.

但过去两个月，人民币兑美元的升值速度明显放缓。

Analysts expect the renminbi to continue its rise against the US currency.

分析人士预测，人民币兑美元还会继续上涨。

Goldman Sachs predicts Beijing will widen the daily trading band within which the renminbi fluctuates against the dollar from plus or minus 0.5 per cent to plus or minus 1 per cent and then allow it to gradually rise.

高盛（goldman sachs）预计，北京方面将把人民币兑美元汇率波动的每日交易区间，从正负0.5%拓宽至正负1%，然后让人民币逐渐升值。

There is no definitive source of data on the size of the renminbi/ dollar NDF market, which operates through privately-negotiated deals, but dealers estimate that average daily volumes are between$ 3bn and$ 5bn.

人民币兑美元NDF交易是以私下协商的方式进行的，因此找不到任何权威的数据来源来确定这块市场的规模，但交易商估计，日均交易量在30亿美元到50亿美元之间。

After an initial euphoric reception two years ago investors largely shunned the QDII products on offer from banks as they were originally limited to offshore fixed income products, which were unattractive given the steady appreciation of the renminbi versus the dollar and the newly resurgent domestic stock market.

在两年前最初的欣喜过后，投资者基本拒绝了银行推出的QDII产品，因为这些产品最初仅限于海外固定收益产品。鉴于人民币兑美元的稳步升值以及内地股市的重新复苏，这些产品显得没有吸引力。

The Chinese central bank on Tuesday raised the daily reference rate for the renminbi against the dollar in a sign that Beijing might allow further gentle appreciation of the currency this week.

中国央行（pboc）周二上调了人民币兑美元汇率中间价，表明北京方面可能会允许人民币在本周进一步温和升值。

On Thursday, the renminbi was trading at 6.5860 per dollar in Shanghai.

1月20日，上海汇市的人民币兑美元汇率为1美元兑6.5860元人民币。

On Monday the currency rose 0.42 per cent against the dollar.

周一，人民币兑美元上涨0.42%。

He pays close attention to the floating exchange rate of the rmb.

他在密切关注人民币兑美元的浮动汇率。

Washington has not always fully acknowledged that from 2000, the year China joined the World Trade Organisation, to 2008 the US dollar declined against many currencies, while from 2005 to 2008 Beijing gradually increased the US dollar exchange rate of the renminbi by 21 per cent.

从2000年中国加入世贸组织（WTO）到2008年期间，美元兑许多货币的汇率普遍下跌&对此美国并不总是由衷承认。而2005年至2008年期间，中国允许人民币兑美元汇率逐步升值了21%。

The American dollar finished the day up against foreign currencies

美元汇率今日收盘时有所上涨。