One is the People's Bank of China, which wants a more flexible rate and more-liberalized markets, and the other is the export lobby's supporters, who favor a cheaper renminbi.

一派是央行，希望更富弹性的汇率和更自由的市场。另一派是出口游说团体的支持者，偏好更便宜的汇率。

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And a country cannot control its monetary policy unless it accepts a more flexible exchange rate.

一个国家只有采取更具弹性的汇率制度才能控制金融政策。

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Another way of putting it is that a flexible exchange rate makes sticky internal prices and wages flexible to the rest of the world.

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Having a flexible exchange rate requires a certain degree of infrastructure and expertise these countries lacked.

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To regain control over its monetary policy, China needs a more flexible exchange rate.

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