China’s monetary and foreign exchange policies are now in a state of limbo. Instead of stable guidelines with a well-defined monetary (exchange rate) anchor and a firm mandate to complete financial liberalization, China’s macroeconomic and financial decision making will be ad hoc and anybody’s guess – as was true, and still is, for Japan.
中国的货币政策和外汇政策正处在不稳定状态。在没有明确的货币（汇率）支撑的稳定指导方针的情况下，中国的宏观经济和金融决策将会是因势而变、任人猜想的&mdash;正如日本过去和现在的情况一样。