If the monetary policy and exchange rate mechanism is sound enough to adjust the BOP automatically, then it will serve as a stabilizer; 11 / 15  BIS central bankers' speeches  otherwise, it will amplify shocks and render the economy more unstable. This is why both internal and external equilibrium should be taken into consideration.
The figure shows the flexibility of RMB exchange rate which, as we can observe, is stable at an adaptive and equilibrium level. Some may argue that RMB has depreciated since the beginning of this year. Judging from this figure, we can see that RMB has remained stable this year to date.