Thus, even if the Chinese authorities can somehow keep their capital controls from hemorrhaging as the country’s financial system becomes more sophisticated and decentralized, they will not be able to stop the controls from dying a death of a thousand cuts. After that, China will be able to keep its exchange rate pegged only by slavishly following US interest-rate policy, which makes no sense for such a large and diverse region.
つまり、仮に中国当局が、国家の財政システムの洗練、分権化に伴う資産の大量流出をなんとか規制できても、多くの傷を負い､ゆっくり滅びるのをとめることは出来ないだろう｡固定相場制度を維持するには、米国の金利政策をひたすら真似するしかない。そんなことは、かように大規模かつ多様性に富んだ地域には無意味なのだ｡