But such an insignificant rate hike will do little to relieve long-term pressures, because investors will expect more rate hikes and move money into China, increasing upward pressure on the yuan’s exchange rate. Indeed, the logic is self-fulfilling: as more foreign currency flows into the market, the economy will continue to overheat, necessitating further interest rate hikes.
但是这样小幅度地调高利率对缓解长期压力没有什么用处，因为投资者会期望见到更多调高利率的举动，把资金转入中国，从而增加人民币汇率的上升压力。的确，这里边的逻辑是不证自明的：随着更多的外汇流入这个市场，经济将继续过热，从而使进一步调高利率成为必然。