In an economy with flexible interest and exchange rates, arbitrage eliminates the exchange-rate spread quickly. But, because China’s exchange rate and interest rates are inflexible, the CNH-CNY spread persists, and arbitragers are able to reap fat profits at the economy’s expense.
大陆进口商和跨国公司的汇率套率行为在CNY市场上造成了升值压力，而在CNH市场上造成了贬值压力。在一个具有弹性利率和汇率的经济体中，套利会迅速消除利率差别。但是，由于中国的汇率和利率缺乏弹性，因此CNH-CNY利差持续存在，套利者得以赚取丰厚利润，而代价则由经济承担。