Meanwhile, the People's Bank of China has let the yuan rise by 0.6% against the dollar since Feb. 21 to close it in on a record high. The gain might not seem much, but it coincided with the dollar's own 1.6% increase versus the basket of seven advanced-country currencies that comprise the Wall Street Journal Dollar index and an almost-4% surge versus the yen. This makes the yuan one of the strongest performing currencies in the world right now. Along with some hefty wage increases in recent years, the currency realignment is simultaneously dissolving Chinese exporters' cost advantages while boosting the purchasing power of its army of budding consumers--a desirable and necessary power shift.
同时,自从2月21日以来,中国央行还允许人民币兑美元升值0.6%,使人民币收盘价创下新高。这个升值幅度可能不大,但是与此同时,美元自身对华尔街日报美元指数(the Wall Street Journal Dollar index )中七个发达国家的一篮子货币升值了1.6%,并且对日圆大幅升值近4%。这让人民币成为目前全世界表现最强劲的货币之一。加上最近几年工资水平几次大幅上涨,货币的升值同时消除了中国出口商的成本优势,同时提振了新兴消费大军的购买力,这是一个可喜和必要的力量转移。
Nonetheless, recent data highlight the risks in the Chinese authorities' balancing act. Over the weekend, retail sales fell notably short of expectations, suggesting that domestic consumer spending is struggling to take the growth baton from overseas demand. The poor performance was in part caused by a crackdown on corruption, which is curtailing officials' expenditures on luxury goods. No good deed goes unpunished.
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