It would be attractive not simply because the People’s Bank of China and other major Chinese institutions have massive overseas assets, but because China produces goods that the world’s consumers continue to want. The historical experience of Germany and Japan, and the recent financial turmoil of the big industrialized countries, seems to warn against such a policy shift.
根据20世纪60年代的教训，我们可以推断，一旦人民币变成完全可兑换的，它将迅速成为一种主要的国际储备货币。它的吸引力不仅在于，中国央行和其他金融机构持有数额巨大的海外资产，更重要的是因为，全世界消费者会持续购买中国的产品。德国和日本的历史经验以及主要工业化国家近期的金融动荡似乎证明，中国没有必要急于改弦易辙。