Yes, China continues to accumulate a vast fund of foreign-exchange reserves. But this is as much the result of speculators’ “hot money” plays as it is a conscious and perfectly reasonable effort by Chinese policymakers to remain focused on financial stability and manage currency appreciation in a gradual, disciplined, and orderly fashion.
是的，中国仍在继续囤积巨量外汇储备。但对于这个问题，投机者的“热钱”所起的作用不亚于中国决策者有意识、极合理地专注于金融稳定大局、坚持渐近可控的升值之路。