Much of China’s official foreign reserves have accumulated because the PBC seeks to control the renminbi’s exchange rate, keeping its upward movement within a reasonable range and at a measured pace. If it allowed the renminbi to appreciate faster, the PBC would not need to buy large quantities of foreign currencies.
中国决策层正在讨论的另一种策略是允许人民币对美元升值。中国官方外汇储备有一大部分是因为人民银行试图控制人民币汇率而积累起来的——在人民币升值过程中，人民银行一直在强调渐进性和可控性。如果人民银行允许人民币以更快速度升值，那么它将不需要购买如此大量的外汇。