From 2004 to 2013, the People’s Bank of China (PBOC) bought trillions of dollars in foreign-exchange reserves, thereby preventing the renminbi from appreciating as much as it would have had it floated freely. More recently, the authorities have been deploying every piece of policy artillery they can muster in a vain attempt to moderate this summer’s plunge in equity prices.
诚然，中国当局用各种方式进行了强力干预。从2004年到2013年，中国人民银行购入了数万亿美元的外汇储备，从而防止人民币升值幅度大于自由浮动的情形。最近，当局拿出了所有政策手段，徒劳地试图缓和今年夏天的股价暴跌。