The yuan is still not a free-floating currency, and only seems to appreciate when tempers in Washington, DC, reach boiling point.

人民币还不是完全的浮动汇率，只有当华盛顿怒发冲冠时，才升值那么一点。

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Though the yuan is still far from being a free-floating currency-the central bank has intervened since August to prop it up-the cost of such intervention is now higher.

然而人民币离成为自由浮动货币为时尚早——自八月以来中国央行开始进行干预支持，目前这种干预成本变得更高了。

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Europe started a long process towards monetary union, via an exchange-rate mechanism, which resulted in a single and free floating currency 30 years later.

欧洲开始了通过一项汇率机制迈向货币统一的漫长过程，30年后，它们拥有了一种自由浮动的单一货币。

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The yuan, also known as the renmimbi, is not a free-floating currency so the market does not determine its value.

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That is particularly true of Poland, which is bigger than all the other new member states combined, and the only one with a free-floating currency.

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If that flight by Chinese nationals spooked foreign investors enough to deter capital inflows, there could be significant downward pressure on the Chinese yuan under a free-floating currency regime, in which case the currency is now overvalued, not undervalued.

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