在中国现行的货币机制下，央行通过买进美元和卖出人民币来干预人民币汇率，因此不会让这些美元储备兑换回人民币。
China's currency regime, in which the central bank intervenes to set the value of the yuan by buying dollars and selling yuan, does not permit it to convert any of those dollars back into yuan.
到这里，我们最好暂停一下，来研究机制中最不可控制、同时也是最不可思议的一个因素：货币流通速度。
At this point we had better pause to examine that least controllable and most mysterious of all elements in the machine, the velocity of money.
运用该模型揭示了市场导向的利率形成机制能够起“内在稳定器”作用来舒缓这一压力，但是不能完全化解它，从而有可能形成特殊的升值压力下的货币危机。
This model displays that the determining mechanism of the market - oriented interest rates can act as an automatic stabilizer to ease the appreciation pressures but cannot resolve them.
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