The resumption of the PBoC's three-year bond auctions has fuelled rumours of a resumption of yuan appreciation, as have conciliatory statements by policymakers. Auctions of three-year bonds were stopped in June 2008, at the time that the yuan was effectively repegged to the dollar. While a one-off appreciation coupled with gradual appreciation is possible—similar to Singapore's recent action—it seems that the authorities are leaning towards a widening of the yuan trading band.

This would lower the price of imports and reduce imported inflation pressures. However, inflation will head upward in any case, and with economic activity slowing, it seems likely that China will face an environment of slowing growth and rising inflation.

三年期国债和汇率的关系是什么，为什么这样做可以减少输入通胀的压力