A gradual depreciation would create expectations of further exchange-rate weakening, thereby fueling capital outflows and undermining companies’ willingness to use renminbi in exports and imports. The renminbi offshore market, which has strengthened considerably over the last few years, would lose value, forcing the People’s Bank of China to channel foreign-exchange reserves toward that market to offset the decline.
逐步贬值会制造出汇率继续疲软的预期，从而助长资本外流，不利于公司在进出口活动中使用人民币的意愿。在过去几年中大大增强的人民币离岸市场将失去价值，迫使中国人民银行向其投入外汇储备以阻止下跌。目前中国外汇储备已经大幅下降——光是上个月就减少了872亿美元。