Given the high rate of growth in China’s money supply, there could be considerable pressures for the yuan to actually depreciate, because a rate of monetary growth that exceeds the growth rate of economic activity tends to cause a currency’s exchange rate to fall. If exchange rates were fixed but capital could move freely, capital flight from the country would generate pressures to end loose monetary policies.
因此，宣称中国的货币目前受到低估的说法是毫无道理的。只有在所有的经济参与者均有机会自由决定把财产放到什么地方时我们才可能知道中国的货币是否被低估。考虑到中国货币供应的高速增长，实际上人民币贬值的压力非常大，因为货币增长速度超过经济活动增长速度通常会导致货币的货率下降。如果汇率固定但资金可以自由流动，那么资金从该国外逃就会产生终止松散货币政策的压力。