Things would be different if China liberalized its capital account and allowed the yuan to float freely.

如果中国放开对资本项目的控制，允许人民币汇率自由浮动，那情况就不同了。

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But they cannot surrender their peg until the country's banks are fit enough to live with a currency free to float and capital free to flee.

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These finance companies earned millions of dollars through unusually high fees, high-interest loans and the float (the working capital they handled for their clients).

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It would be allowed to float revenue bonds to get the capital needed for constant modernization.

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