However, the international outcry obscured an unintended but perhaps more troubling feature of China’s exchange-rate policy: the tendency for sporadic renminbi appreciation (even small movements) to trigger speculative inflows of “hot” money. With short-term interest rates in the United States near zero, and the “natural” interbank interest rate in faster-growing China at near 4%, an expected 3% appreciation, for example, translates into an “effective” interest-rate differential of 7%.
但是，国际呼声掩盖了未受关注但可能麻烦更大的中国货币政策特征：人民币的零星升值（即使是小幅波动）导致“热钱”的投机性流入。在美国短期利率接近于零以及增长更快的中国银行间“自然”利率接近4%的情况下，（比如）3%的与其升值会导致7%的“有效”利差。这令货币投机者垂涎三尺，他们借入美元，绕过中国的资本管制购买人民币资产。