As the huge buildup of dollar reserves – now almost $800 billion – expands China’s domestic monetary base, short-term interest rates will be driven down, at least until they hit zero. In May 2006, the fairly free domestic interbank rate was just 1.62%, while the US Federal Funds rate was 5%.
由于巨额的美元储备&mdash;现在近8000亿人民币&mdash;扩大了中国的国内货币基础，短期利率会走低，至少直到其为零。在2006年5月，相对自由的国内银行间利率只有1.62%，而同期美国联邦基金利率则是5%。