The PBC knows that rapid deterioration in America’s fiscal position and continual worsening in its external balance may create an irresistible temptation for the US to inflate away its debt burden. The more the PBC intervenes, the larger the national welfare losses that China may suffer in the future.
但中国人民银行也不敢持续买入美元。因为他们知道美国财政状况以及外部贸易平衡的迅速恶化可能诱发美国人用美元贬值的方式来减轻债务负担。人行买入得越多，未来中国国家财富的损失可能就越大。