To be sure, the first part of the move was probably motivated largely by the desire to strengthen markets’ role in setting the exchange rate, which promises to boost long-term stability and improve the renminbi’s chances of becoming a global reserve currency. But, as the recent devaluation showed, the shift, coming after years of efforts to strengthen the renminbi, could fuel a sharp increase in volatility in world currency markets.
中国当局的另一项最新干预——逐渐升值，然后出人意料地让人民币贬值——也造成了类似的问题。平心而论，这一做法的第一阶段也许主要是因为渴望加强市场在决定汇率方面的作用，这有助于增加长期稳定、增加人民币成为全球储备货币的机会。但是，最近的贬值表明，这一在强化人民币多年后所发生的变化可能给世界货币市场带来波动剧增。