The existence of large financial-market actors that do not care about maximizing their profits magnifies the riskiness of the bets. If, say, the Bank of China and the Federal Reserve decided to teach speculators a lesson by pushing the dollar’s value relative to the yuan up by 20% for a month, they could do so, bankrupting many financial institutions with short positions.
金融市场上还有一些大户，他们对最大化自己的利润并不关心。他们的存在更加大了投资的风险。比如说，如果中国银行和美联储决定教训教训投机者，将美元与人民币的比价推高20%，并保持一个月，它们这样做是完全可能的，能让大量做空仓的金融机构破产。