But whether renminbi appreciation will work depends on reducing China’s net capital inflows and current-account surplus. International experience suggests that, in the short run, more capital flows into a country when its currency appreciates, and most empirical studies have shown that gradual appreciation has only a limited effect on countries’ current-account positions.
但人民币升值能否见效取决于是中国净资本流入和经常项目盈余是否减少。国际经验表明，在短期，货币升值会吸引更多的资本流入，而大多数实证研究表明，渐进升值对一国经常项目水平只有有限影响。