It is a lot easier to exit from a fixed exchange rate regime when the pressures on the currency are upwards. While it may seem hard to imagine that the speculative tide might ever turn against China, exchange-rate pressures can turn in an instant.
更长远地看来，中国面临的最大问题在于某一天资金会向外流出。哪怕是中国海量的外汇储备也不足以阻止货币痛苦地贬值。如果趁着货币受到升值压力的时候放弃固定汇率制，事情就要容易得多。虽然投机风潮转为不利于中国的情况似乎难以想象，汇率压力却可能在刹那间转向。今天被人当作掌上明珠的货币，明天可能让人避之犹恐不及。