If appreciation does not reduce the current-account surplus and capital inflows, then the renminbi’s exchange rate is bound to face further upward pressure. That is why some people are advocating that China undertake a one-shot, big-bang appreciation – large enough to defuse expectations of further strengthening and deter inflows of speculative “hot” money.
如果升值没有减少经常项目盈余和资本流入，那么人民币汇率将承受更大的升值压力。这就是为什么一些人建议中国采取一次性大幅升值的策略——一次升足，打消人民币进一步走强的预期，阻止投机性“热钱”的涌入。如此规模的升值还将抑制出口、鼓励进口，从而减少中国长期存在的贸易盈余。