This relatively low standing partly reflects China’s maintenance of controls on capital flows, which make it hard for financial-market participants to get their hands on renminbi. But it is also a result of heavy-handed manipulation of the foreign-exchange market by the People’s Bank of China (PBOC), which makes changes in the price and availability of the renminbi opaque and uncertain.
但人民币在全球货币市场的交易自由度却不大，在国际清算银行的排名中仅位列第九。这个相对较低的地位在某种程度上反应出中国对资本流动的持续管治，使得金融市场参与者们难以插手人民币交易。但这同时也体现出中国人民银行对外汇市场的大力操纵，导致人民币的价格和供应都不透明且充满不确定性。