Project Spectrum: Red & Pink

I started the Interweave garter baby kimono for my friend Jennifer's baby. Good thing her shower is at the end of next month because this is really slow going. It's on size 4's...my smallest needles yet...and it seems like it takes hours to finish an inch. I will probably never make this again. And this scares me because all of the summer sweaters from Rowan that I want to knit use size 2's & 3's. This Peter Pan yarn I'm using also has shades of yellow and lilac but it reads pink,right?