Emerging market (EM) currencies have tumbled against the US dollar over the past three months – with a single exception. Not only has the renminbi resisted kowtowing to the resurgent greenback, it has strengthened against it even as the currencies of its BRIC counterparts – the real, the rouble and the rupee – have fallen 7.8 per cent, 14.3 per cent and 1.6 per cent respectively since July.
过去三个月，新兴市场货币兑美元汇率大幅下跌——只有一种货币例外。7月份以来，尽管金砖四国(BRIC)中其他几国的货币（雷亚尔、卢布和卢比）兑美元汇率分别下跌了7.8%、14.3%和1.6%，但人民币不仅没有臣服于美元的反弹，而且相对美元还升值了。
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