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What happened: Last year China's currency reached an all-time high against the dollar, gaining 3% to hit 6.05 yuan per dollar. It capped a nice eight-year run since 2005, when the currency finally dropped its strict peg to the dollar. Since then, the liberalized yuan has risen by 35%. 人民币升值历程：去年，人民币兑美元创历史新高，汇率上升3%，达到了6.05元。人民币终于成功完成了长达八年的长跑。2005年，人民币不再单一盯住美元。之后，更加自由的人民币升值了35%。 Why the rise? 人民币为什么升值？ The global economy grew, and Chinese exports expanded in 2013. That's it, more or less. But it's never so easy in China because the central bank keeps tight control over the yuan by basically preventing trade imbalances from driving up the yuan's value too much. (China adsorbed net inflows of 387 billion U.S. dollars last year, according to Deutsche Bank.) For technical reasons, China allows the yuan to trade (you can buy yuan futures on the Chicago Mercantile Exchange), but strict limits are imposed so the currency can't move dramatically day to day. 2013年，全球经济增长，中国出口扩大。基本就是这些原因。但中国的情况更加复杂，因为中国央行一直对人民币实行严格的监管，防范因人民币升值过快造成贸易失衡。【据德意志银行（Deutsche Bank）披露，去年流入中国的净资金为3,870亿美元。】至于技术原因，虽然中国允许人民币交易【投资者可以在芝加哥商品交易所（Chicago Mercantile Exchange）购买人民币期权】，但政府对这类交易实行严格限制，因此，导致人民币不可能每天出现大幅波动。 | 
