The fourth argument is that no major country is currently manipulating its exchange rate (the renminbi has appreciated since the mid-2000s), so there is nothing to worry about. But there is also nothing to stop China or any other country from resuming large-scale currency-market intervention if and when it chooses.
第四个理由是没有哪个主要国家目前正在操纵汇率（2005年以来人民币有所升值），因此没有什么好担心的。但如果中国或其他任何国家选择大规模干预货币市场，也没有什么可以阻止它们。而如今在汇率上不存在外交紧张局面意味着正是提出这个问题的好时机。