China’s official position is that, to avoid the negative impact of a stronger RMB on China’s exports and hence employment, appreciation must proceed in an autonomous, gradual, and controllable manner. The current exchange-rate regime, which links the RMB to a basket of currencies, was designed to give the PBC leeway to control the pace of RMB appreciation, while creating two-way fluctuations in the exchange rate against the US dollar in order to discourage speculators from making one-way bets on the RMB.
在中国官方的立场上，为了避免更强势人民币对中国出口（以及就业）的打击，升值必须在一个中方自行决定，逐步推进而且可控的情况下实施。而目前这种将人民币与一揽子货币挂钩的汇率管理措施，就是为了让中国人民银行能够灵活控制人民币升值过程而设计的，通过制造对美元汇率的双向波动来遏制投机者赌人民币升值的单向交易行为。