Depending on its macro? Economic objectives, the PBC could intervene in the forex open market in order to regulate market supply and demand, and maintain the stability of the RMB exchange rate.

中国人民银行根据宏观经济政策目标，可以通过外汇公开市场进行必要的干预，以调节市场供求，保持人民币汇率的稳定。

youdao

But in such an open economy, exchange-rate flexibility is no guarantee of economic stability.

但是在这样的开放式经济体系中，汇率的灵活性无法保障经济稳定。

youdao

The last section constructs a narrow band, open and hard target-zone exchange rate regime of RMB which is practical and operable.

比如，最优货币权重、人民币均衡汇率的计算，汇率目标区的波动幅度等。

youdao

With a small, open economy, it cannot maintain an overvalued exchange rate and pour in stimulus spending without seeing much of the money leak away into trade deficits.

ECONOMIST: Worries about renewed overheating