For more bullish analysts, moderate capital outflows are a sign that China is liberalising capitalcontrols and abandoning its mercantilist obsession with accumulating foreign reserves. Theybelieve that domestic liquidity concerns are unwarranted, since the People's Bank of Chinahas plenty of new mechanisms to expand the money supply to replace the liquidity oncecreated by foreign capital inflows.
对那些比较乐观的分析师来说,适度资本外流表明中国在放宽资本管制,放弃痴迷于积累外汇储备的重商主义。他们认为,没有必要为中国国内的流动性担忧,因为中国央行(PBoC)有很多新的机制可以扩大货币供应量,取代一度由外资流入创造的流动性。
Now, with the Federal Reserve preparing to raise interest rates and the Chinese stock marketsuffering big losses, capital flow trends have taken on even greater importance. Higher US ratesare likely to draw capital out of China and other emerging markets, which could place evengreater downward pressure on Chinese share prices.
现在,随着美联储(Federal Reserve)准备提高利率,随着中国股市出现大幅下跌,资本流动趋势显得愈发重要。美国利率上升可能从中国等新兴市场吸走资金,这可能给中国股价带来更大的下行压力。
“The trend of rising outflows reflects policy measures to facilitate outward investments andthe lack of stable domestic investment opportunities, with an additional short-run boost inoutflows due to stock price volatility and concerns about growth prospects, said EswarPrasad, former head of the China division at the IMF, in a nod to both the bullish and bearishviews.
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