And this is precisely what the PBOC did on August 12-13, when stronger-than-expected depreciation pressure and surging devaluation expectations raised the risk that the planned one-off exchange-rate adjustment could trigger a rout. So the PBOC informed the market that the depreciation would not exceed 3% – a credible statement, given abundant official reserves with which to stabilize the exchange rate.
而这正是人民银行在8月12—13日所做的，当时，比预期更大幅度的贬值压力和飙升的贬值预期导致了一个风险，即计划中的一次性汇率调整可能引发崩盘。因此人民银行通知市场，贬值不会超过3%——这是一个可信的陈述，因为人民银行拥有充足的官方外汇储备稳定汇率。人民币随之反弹，市场重归平静。