2019-06-30 18:52:13 標題分類：傷感美文 關鍵詞：欣賞的美文 閱讀：231
The PBOC must spend real money during the trading day to guide the yuan to its desired level.
Inclusion in the SDR will only deepen the expectations that China will let market forces decide the yuan;＃39;s exchange rate.
The point of the SDR is to weave disparate currencies together into a single， diversified unit; some have suggested， for example， that commodities be quoted in SDRs to reduce the volatility of pricing them in dollars.
But if China maintains its de facto peg to the dollar， the result of adding the yuan to the SDR will be to boost the dollar;＃39;s weight in the basket， defeating the point.
What would happen if China really did give the market the last word on the yuan?
For some time it has been under downward pressure.
The simplest yardstick is the decline in China;＃39;s foreign-exchange reserves， from a peak of nearly $4 trillion last year to just over $3.5 trillion now—a reflection， in part， of the PBOC;＃39;s selling of dollars to support the yuan.
Were it not for tighter capital controls since the summer， outflows might have been even bigger.
And the yuan does look overvalued.
Despite China;＃39;s slowing economy， its continued link to the surging dollar has put it near an all-time high in trade-weighted terms， up by more than 13% in the past 18 months.
With the Federal Reserve gearing up to start raising interest rates at the same time as China is loosening its monetary policy， the yuan looks likely to come under more downward pressure， at least against the dollar.
It would be foolhardy to predict that China will suddenly give the market free rein.
That would go against its deep-seated preference for gradual reform.
But while basking in the glow of its SDR status， China must also be aware of the responsibility to minimise intervention that comes with it.
A weaker yuan may well be the result.
例句：I have given thanks to God for delivering me from that pain.
2.be aware of 意想到
例句：Be aware of the terrible strain it can put on a child when you expect the best reports
例句：Some countries tighten monetary policy to avoid inflation.
例句：China;＃39;s foreign-exchange reserves are about to hit one trillion dollars.