A lesson from that time is that when the foreign-exchange markets are far keener on one currency than another, even the stoutest official defence of a peg between the two can be broken.

我们从中吸取的教训是，在外汇市场上当一国货币比其他货币更吃香时，即使是最坚不可摧的官方保护都无法挽救即将汇率失衡的局面。

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The trade surplus pours a steady stream of foreign-currency export earnings into China, funds the central bank buys up in exchange for local currency and holds in its official reserves.

贸易顺差给中国带来了稳定的外汇出口收益，给中国央行提供了收购资金以交换本币并维持官方储备。

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Exchange control means official control in the foreign exchange dealings of a country.

外汇管制指的是一国的外汇交易受到官方的管理。

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The question was whether those not engaged in legitimate trade were taking advantage of special, restricted access to China's official foreign-exchange market set up for those who need yuan to buy mainland goods.

WSJ: The View From Hong Kong: Walking a Fine Line on Yuan Trade

This is a flow variable and so should largely exclude currency valuation effects, but the drawback is that it will usually overstate the amount of official FX intervention as it includes monthly foreign exchange transactions by the PBoC and commercial banks.

FORBES: How Much Longer Can China Accumulate Reserves?

The country's current foreign-exchange system, which involves a fixed "official" exchange rate that makes the currency, the kyat, more than 100 times as valuable against the dollar as the black-market rate, is so confusing that many foreign companies have refused to re-enter the country even if Western leaders ease sanctions against Myanmar, the country also known as Burma, as expected later this year.

WSJ: Myanmar Announces Currency Reform