“操纵”人民币汇率不仅仅是干预外汇，中国也采取了严格的资本管制，以阻止私有储蓄外流，尽管这种管制也有漏洞。
Currency "manipulation" amounts to more than foreign-exchange intervention; China also has strict capital controls which, although leaky, keep private savings at home.
若不是今夏以来更为严格的资金管控，恐怕外流的外汇会更多。
Were it not for tighter capital controls since the summer, outflows might have been even bigger.
外汇储备的数量并不是中国资金外流的完美衡量。
The reserves are a far from perfect measure of money leaving China.
外汇储备急剧下跌可能会导致更多人设法将持有的人民币兑换成其他货币，造成资本外流。
A sharp fall could lead even more people to find ways to convert their renminbi into other currencies, resulting in an exodus of money from the country.
外汇储备急剧下跌可能会导致更多人设法将持有的人民币兑换成其他货币，造成资本外流。
A sharp fall could lead even more people to find ways to convert their renminbi into other currencies, resulting in an exodus of money from the country.
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