中国还没有开放其资本账户，但短期流入现在对人民币（以及中国人民银行更庞大的累积对冲储备）产生了超出经常账户顺差和FDI流动所能解释的更大升值压力。
China has not liberalized its capital account, but short-term inflows are now driving stronger upward pressure on the renminbi (and larger offsetting reserve accumulation by the People’s Bank of China) than can be explained by the current-account surplus and FDI flows.