As a result of policymakers’ heavy focus on the exchange rate, China’s State Administration of Foreign Exchange has now accumulated more than $4 trillion in reserves – far exceeding the amount needed to cover any imaginable currency emergency. Worse, the very act of currency intervention can undermine the PBOC’s control of monetary policy.
由于决策者将大量注意力集中在汇率上，因此中国国家外汇管理局积累起了4万多亿美元的外汇储备——远远超过了抵御任何想象得到的货币紧急情况所需要的量。更糟糕的是，货币干预行为可能恰恰会妨碍人行对货币政策的控制。买入美元增加了本国基础货币的供给，带来通货膨胀和资产价格泡沫风险。