China’s exchange-rate policy is problematic not because it promotes exports, but because it has forced the country to accumulate a huge pile of wasteful foreign reserves. The Chinese government’s reluctance to allow faster exchange-rate appreciation may reflect its aversion to large, unforeseeable fluctuations, particularly given its determination to make the renminbi an international reserve currency.
中国的汇率政策之所以有问题，不在于它刺激出口，而在于它迫使中国积累了数量巨大但毫无必要的外汇储备。中国政府不愿人民币快速升值可能是因为其厌恶不可预知的大幅波动，特别是在其准备将人民币推向国际储备货币地位的时候。