The sine qua non of manipulation is currency-market intervention: selling the domestic currency and buying foreign currencies to keep the foreign-exchange value lower than it would otherwise be. To be sure, the People's Bank of China (PBOC) did a lot of this over the last ten years.
操纵的必要条件是货币市场干预：出售本币、买进外币以维持汇率低于不干预的水平。平心而论，中国人民银行在过去十年中经常这样做。资本流入带来了巨大的国际收支盈余，当局买进美元，以此阻止人民币升值压力。结果是床下历史记录的外汇储备，2014年7月已达到了3.99万亿美元。