What a long, strange trip it has been for the renminbi since the Chinese government ended theexchange rate’s strict peg to the US dollar 10 years ago this week.

自10年前中国政府放弃盯住美元的汇率制度以来，人民币经历了一段相当漫长而又奇特的旅程。

At the time, economists hailed the event as a landmark step towards allowing market forces toset the exchange rate and a concession to trading partners who complained that the currencywas undervalued. They were not wrong.

当时，经济学家们称赞此举是向着允许市场力量决定汇率的目标迈出的具有里程碑意义的一步，也是对抱怨人民币估值偏低的贸易伙伴做出的让步。他们并未说错。

Yet a decade later, it is striking that while the renminbi has appreciated by a third,government intervention remains a daily reality. While economists expect further steps by theChinese government to loosen its grip on both the exchange rate and cross-border capitalflows, the pace of change over the next 10 years is likely to be slower than in the last.

然而10年后，令人吃惊的是，虽然人民币已经升值三分之一，但政府干预仍是司空见惯。尽管经济学家们期待中国政府将进一步采取措施，放松对汇率和跨境资本流动的控制，但未来10年的改革步伐很可能要慢于过去10年。

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