For China’s monetary policymakers, reforming the exchange-rate system, while preventing depreciation from getting out of hand, poses a serious challenge. For the rest of the world, encouraging China to loosen its grip over the exchange rate, even as the renminbi depreciates significantly, is an equally serious imperative.
对中国的货币决策者来说，改革汇率制度，同时防止贬值失控是一个严峻的挑战。对世界其他国家来说，鼓励中国放松对汇率的管制（即使人民币大幅贬值）也是同样严峻的要务。两方面都不容有失。