Certainly, China’s capital controls, though porous, increase the transaction costs of moving short-term capital to and from China, thereby reducing upward pressure on the renminbi’s exchange rate; in extreme circumstances, this could play a decisive role in China’s financial security. But capital continues to flow – if not entirely freely – across China’s borders.
当然，虽然中国的资本管制漏洞百出，但也增加了短期资本进出中国的交易成本，因此也减少了人民币汇率的上行压力；在极端情况下，这甚至可以在中国的金融安全方面扮演重要角色。但资本依然继续在不断穿越（若非完全自由的话）中国国境。