To arbitrage the two markets, these companies accept renminbi as payment from Chinese importers, then swap the cash into dollars at the more attractive offshore exchange rate.

为了在两个市场间进行套利，这些公司从中国进口商那里接受人民币付款，然后以更具吸引力的离岸汇率将其兑换成美元。

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Capital flow is sensitive to interest rate and foreign exchange rate, a small spread may lead to large-scale currency conversion and arbitrage activities.

而国际资本流动对利率、汇率波动的敏感程度较强，微小的利差、汇差就可能导致大范围的货币兑换和套利行为。

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