First, of course, China is a currency manipulator. It is so in a precise sense: it intervenes very heavily in the foreign currency market and it also sterilises the monetary consequences of the intervention. 首先,中国当然是一个汇率操纵者,其行为与这一称号的定义吻合:中国大规模干预外汇市场,还采取措施冲销这种干预的货币政策后果。
The central bank "sterilises" the funds that have come into the country in the form of the trade surplus and speculative inflows by selling bills to take the money out of circulation. 中国央行通过发行央行票据,将资金抽出流通环节,“冲销”(sterilise)了以贸易顺差和投机资本等形式流入中国的资金。