Every dramatic currency move soon turns into a whodunnit, even when it is hard to pinpoint the perpetrator in a $5tn-a-day market. Algorithmic programmes are often blamed, along with fat-fingered traders. But the current mystery has a more official suspect with talk about whether or not the People’s Bank of China intervened last week to give the renminbi its biggest gain on record. But the better question to ask when the PBoC is involved is, what counts as intervention?
每一次劇烈的匯率波動都會很快演變成一部懸疑片，盡管在一個日交易額5萬億美元的市場上很難確定誰是真兇。算法程序、還有按錯鍵的交易員經常被當作罪魁禍首。但目前上演的這部劇有個官方的“嫌疑人”：人們在談論上周中國央行是否出手干預，導致人民幣匯率出現創紀錄漲幅。然而，在說到中國央行時，更應該問的是，怎樣才算干預？
您已閱讀21%（627字），剩余79%（2415字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。