As long as China was running a trade surplus and receiving net inflows of foreign direct investment, the RMB remained under upward pressure. Short-term capital flows had little impact on the direction of the RMB’s exchange rate.
只要中国存在贸易顺差和净外国直接投资流入，人民币就会承受升值压力。短期资本流对人民币汇率几乎没有影响。