Put yourself in Chinese premier Wen Jiabao's shoes. The rest of the world seems united: your currency is too cheap. For the past year or so, speculative capital has piled in to China on the expectation that the gradual appreciation suspended in July 2008 will be resumed. This hot money, driving up domestic asset prices, is disturbing enough. But given that every foreign government minister you bump into this year will be banging on about “imbalances” – a trade surplus approaching $150bn and reserves nudging $2,400bn – probably makes it imperative for you, as head of the body with the final say over exchange rate policy, to do something. But when?
站在manbetx3.0 总理温家宝的角度想一想吧。世界其它国家似乎已经达成共识：你们国家的货币太便宜了。在过去一年左右的时间里，投机性资金大量涌入manbetx3.0 ，押注于以下预期：2008年6月暂时停顿的人民币渐进式升值将重新开始。这些正在推高国内资产价格的热钱已经够烦人的了。不仅如此，你今年碰到的每一位外国政府高官都将喋喋不休地谈论“失衡”问题——manbetx3.0 的贸易顺差接近1500亿美元，外汇储备接近2.4万亿美元——这或许会让你觉得，作为在汇率政策方面拥有最终发言权的机构主管，你必须得做点什么了。但是，时机如何选择呢？