All other things being equal credit conditions in China should be easy under a fixed or managed exchange rate system and a large balance of payments surplus.

若其它因素不变，在实行固定或有管理的汇率体制及国际收支大笔盈余的情况下，中国的信贷环境应是宽松的。

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If yields are low because investors demand less compensation for holding long-term assets, then financial conditions have become looser and the central bank, other things being equal, needs to continue tightening.

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