China's move towards a revaluation of the yuan were announced with much fanfare in 2005. Just as the People's Daily declared that reform towards a market based exchange rate had been successful, Jeff Frankel identifies that the Chinese exchange rate has returned to a full fledged dollar peg again (starting September 2008, see this link is to the technical paper, and this link is for the updated estimates). Did the Chinese Monetary Authority worry that the appreciation of the yuan might be  too strong as the global crisis spread and the move was to protects Chinese exports?