A necessary condition for concluding that a country is manipulating its currency is that its authorities are intervening in the foreign-exchange market. The People’s Bank of China, for example, bought a record quantity of dollars from 2004 to 2014, thereby preventing the renminbi’s exchange rate from appreciating as fast as it otherwise would have done.
认定一国正在操纵其货币的一个必要条件是该国当局干预外汇市场。比如，2004—2014年间，中国人民银行购入了创纪录数量的美元，阻止人民币汇率过快升值。但中国的“操纵”仅限于此。如果还要说有什么操纵的话，那么去年中国一直在出售美元，将人民币价值保持在高位。