Owing to its underdeveloped financial system and inefficient capital markets, China would be unable to withstand an attack akin to those that triggered the Asian financial crisis without the protection of capital controls. Already, even without a major speculative attack, the exchange-rate and interest-rate arbitrage facilitated by renminbi internationalization have imposed significant losses on China.
最后，手握超过3.3万亿美元的外汇储备，中国成为国际投机者眼里特别有吸引的目标。由于其金融体系不发达且资本市场效率低下，若没有资本控制的保护，中国将无法承受那些与亚洲金融危机类似的攻击。即使没有大规模的投机性攻击，人民币国际化所带来的汇率和利率套利已经让中国产生了重大损失。