From this standpoint, the Fed’s decision to wait to begin liftoff is eminently sensible. And, given that China holds (and is therefore now selling) euros as well, the European Central Bank also should bear this in mind when it decides in December whether to ramp up its own program of quantitative easing.
问题在于没人知道中国资本外流会持续多久，或中国当局会坚持干预多久。从这一点看，美联储决定推迟升空非常明智。此外，考虑到中国也持有（因此目前正在抛售）欧元，欧洲央行也应该在12月决定是否加码其本身的量化宽松计划是考虑到这一点。