For starters, by maintaining an undervalued real exchange rate, China has fallen into the so-called “dollar trap,” boosting the US dollar’s international importance at China’s own expense. As time passes, the senselessness of this policy will become increasingly apparent.
不管使用何种机制，冲销的成本都极为高昂。首先，为了维持一个低估的实际利率，中国陷入了一个所谓的“美元陷阱”，以牺牲自身为代价提升了美元的国际地位。随着时间推移，这一政策的不合理性也日益凸显。