"We would not expect, given the strength of the flows, that intervention would materially change the level of the exchange rate, but we could take potentially the tops off rallies, " said Graeme Wheeler, governor of The Reserve Bank of New Zealand.

WSJ: Asian Governments Take Measures to Battle Strong Currencies

Floating the yuan would also relieve the monetary authorities of self-defeating exchange rate intervention.

FORBES: China Recalculates: Slow Down And Be Happy

Even America, with least to worry about in this respect (because of the size of its economy), has a policy of sorts on the dollar's value including attempting to push the rate around by means of foreign-exchange intervention.

ECONOMIST: Off target