One approach might be simply to let the renminbi float without official intervention or controls on capital inflows. Again, this would inevitably trigger hot-money inflows, with speculators taking advantage of the spread between Chinese interest rates and the near-zero, short-term rates in developed economies, thereby driving up the renminbi further (and creating yet more opportunities for speculation).
那么，人行有什么选择？一种方针是干脆让人民币自由浮动，不进行正式干预或管制资本流入。这难免会再次刺激热钱流入，投机者会利用中国利率和发达国家接近于零的短期利率之间的利差，从而进一步推高人民币（并创造出更多的投机机会）。如此，人民币就不存在明确的兑美元汇率的市场均衡或上限。