When justified by economic fundamentals, the exchange rate should be allowed to rise gradually. But when a currency’s appreciation is triggered by capital inflows that represent the asset-diversification preferences of advanced-economy investors, it can and should be resisted.
当然，也不应该把本币升值完全压死。如果有经济基本面的支撑，应允许本币汇率缓慢升值。但如果升值的驱动力是由发达经济体投资者的资产分散偏好所促发的资本流入，那它就理应也可以得到抵制。