Even if the renminbi appreciates against other main currencies on a weighted average basis, it may depreciate against a particular currency, depending upon developments in the cross exchange rates.
Thus we use the US dollar as the medium currency and calculate the cross rates of RMB against the Euro, the Yen and other major Asian currencies, and examine their changes over the years.
In reality, the target rate is a ceiling, not a floor; if you turn the cross-rate round, the Swiss want the franc to be worth no more than 83.33 euro cents.