BEIJING – The Nobel laureate economist Robert Mundell showed that an economy can maintain two – but only two – of three key features: monetary-policy independence, a fixed exchange rate, and free cross-border capital flows. But China is currently juggling all three – an act that is becoming increasingly difficult to sustain.
发自北京——诺贝尔经济学奖得主罗伯特·蒙代尔指出一个经济体能且只能维持三个关键特性（货币政策独立性，固定汇率和跨境自由流动）中的两个。而中国当前正奋力同时实现这三者——但这种做法越来越难以掌控。