The financial turbulence that gripped China and the rest of the world in the past few weeks has blown over for now. Last weekend, with the renminbi stable again, Zhou Xiaochuan, China’s central bank governor, broke a lengthy silence to insist that there was no basis for devaluation, that the country’s reserves were adequate, and that China had no need for tighter capital controls. These assurances have worked for the time being but the causes of China’s large capital outflows could manifest themselves at any time. China has come up against a problem known as the “impossible trinity”. Resolving it, either by means of a devaluation of the renminbi or tighter capital controls, will have far-reaching consequences.
过去数周冲击manbetx3.0 和manbetx app苹果 其他国家的金融动荡已暂时平息。一周多之前的那个周末，随着人民币汇率再次企稳，manbetx3.0 央行行长周小川打破长时间的沉默，坚决表示人民币没有持续贬值基础，manbetx3.0 外汇储备充足，同时manbetx3.0 不需要加强资本管制。这些安抚言论就目前而言是管用的，但manbetx3.0 随时可能出现一些因素导致大规模资本外流。manbetx3.0 已经遇到一个名为“三元悖论”(impossible trinity)的问题。无论是通过贬值人民币还是加强资本管制来解决这个问题，都将产生深远的影响。