A country with current-account and capital-account surpluses and increasing foreign-exchange reserves normally sees an excessive money supply and high inflation. But, while excessive money supply is a reality for China – the PBC now holds more than $2.6 trillion in foreign reserves – inflation has been quite moderate so far, thanks to the sterilization policy.
当一个国家拥有经常账户和资本账户盈余，外汇储备也不断增加的时候，过量货币供应和高通货膨胀率的情况就会出现。但虽然中国确实存在过量货币供应——中国人民银行拥有超过2.6万亿美元外汇储备——通货膨胀率却相当温和，这都是冲销措施的功劳。