First, thanks to an effective – albeit porous – capital-control regime in China, short-term “hot money” (capital coming into China aimed at arbitrage, rent-seeking, and speculation) could not enter (and then leave) freely and swiftly. Second, short-term capital flows usually would strengthen rather than weaken upward pressure on the RMB’s exchange rate, because speculators, persuaded by China’s gradual approach to revaluation, bet on appreciation.
原因有二。其一，由于中国卓有成效（尽管漏洞很多）的资本管制，短期“热钱”（即流入中国以套利、寻租和投机为目的的资本）无法迅速自由地进出。其次，短期资本流通常加强而不是削弱了人民币的生孩子压力，因为投机者在中国渐进的升值态度的指引下，都在赌人民币会升值。