To be sure, reserves are important to smooth out imbalances in a fixed exchange rate regime. But the world has moved since the 1970’s in the direction of greater exchange rate flexibility.
确切地说，外汇储备在一种固定汇率体制下会起到重要的平衡作用。但自上世纪70年代以来，世界已经向着更灵活汇率的方向迈进了。