As Barry Eichengreen has pointed out in the context of the post-WWII Bretton Woods system, capital controls weaken “the link between domestic and foreign economic policies, providing governments room to pursue other objectives.” Because capital controls capped “the resources that the markets could bring to bear against an exchange-rate peg,” they “limited the steps that governments had to take in its defense.”
首先，中国需要在开始采用浮动汇率制度前实施资本控制,从而保持货币政策的独立性。正如巴里·艾申格林(Barry Eichengreen)在二战后布雷顿森林体系的大背景下所指出的那样：资本控制会削弱“国内外经济政策之间的联系，为政府追求其他目标提供空间。”因为资本控制限制了“市场可以用来应对汇率走向的资源”，也就“限制了政府为防御而不得不采取的步骤。”由于依然存在经常账户和资本账户盈余，人民币的汇率仍有升值压力。如果不对短期跨境资本流入进行适当的控制，中国人民银行将很难在保持货币政策独立性的同时保持汇率稳定。