但是，浮动汇率体系并不是免费的午餐。
我未能看到过剩资本流动和当前浮动汇率体系的联系。
FAIL to see the connection between excessive capital flows and the current system of flexible exchange rates.
诚然，在浮动汇率体系下，复杂的风险因素和政策偏好特征令人们很难认清当前汇率大幅波动的内在逻辑。
True, given complex risk factors and idiosyncratic policy preferences, it has been particularly challenging of late to divine the logic underlying big exchange-rate swings.
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