If the renminbi were to depreciate by, say, 2% every day, it would take very little time for the currency to lose 20% of its value – enough to cause a panic and, regardless of the country’s economic fundamentals, send the exchange rate into a tailspin. That is why the PBOC has retained the right to influence the reporting of offer prices by market makers and intervene directly in the market.
但这一动作蕴含着严重的风险。如果人民币每天贬值（比如）2%，那么不消多久，其币值就会跌去20%——足以引发恐慌，造成汇率混乱，不管经济基本面如何。因此，人民银行保留了影响做市商报告卖出价和直接干预市场的权利。