The RMB will continue to appreciate in the near future, owing to strong economic fundamentals, but the inherent instability of short-term capital flows will make its exchange rate more volatile. This change is bound to pose new challenges for decision makers in the United States and China, particularly as they engage in a fresh round of debate about China’s exchange-rate policy.
在短期未来，人民币还将继续升值，这是强劲的经济基本面决定的，但短期资本流的内在不稳定性将会导致人民币汇率更加波动。这一变化将不可避免地给美国和中国的决策者带来新的挑战，特别是在他们准备开展新一轮中国汇率政策辩论的当口。