These measures have played positive role in stabilizing balance of payment and preventing foreign exchange evasion and arbitrage.

这些措施对稳定当时的外汇形势、防止逃套汇起到了积极作用。

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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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Since foreign-exchange transactions would be involved, the Peoples Bank of China and State Administration of foreign exchange might have to play a role in this arbitrage mechanism.

由于此举涉及外汇交易，因此中国人民银行及国家外汇管理局可能需要参与这套利机制。

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