True, China, with its vast foreign exchange reserves, has the wherewithal to spend as much on countercyclical macroeconomic policy as anyone. But China’s rulers know that their highly repressed banking system is vulnerable as the country continues to pursue gradual financial liberalization, and that foreign currency reserves may be needed for recapitalization.
诚然，中国因其庞大的外汇储备，它和其它国家一样有钱来花在反宏观经济政策上。但是，中国的统治者们知道，国家在继续推行渐进的金融自由化过程中，中国高度受压抑的银行体系是脆弱的，其外汇储备可能要用来进行资本额调整。