The People's Bank sets very narrow ranges for the price of both domestic money (the interest rate) and foreign money (the exchange rate).

人民银行对国内货币(利率)和外国货币(汇率)的价格限定了非常狭窄的范围。

youdao

In other words, a central bank trying to prop up its currency must allow its sales of foreign exchange to reduce the domestic money supply.

换一句话说，央行要如果要支持它的汇率，必须容许出售外汇以降低国内的货币供应。

youdao

Third, in most countries the build-up of foreign-exchange reserves has not hugely pushed up the growth of money and inflation.

第三，在大部分国家建造外汇储备并没有大幅推高货币供给和通货膨胀。

youdao

To repay the fund, the central bank has kept the economy starved of foreign exchange and printed dollops of money stoking inflation.

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If the Fed chooses to reduce the real burden of the debt via inflation, the purchasing power of money will fall along with the foreign exchange value of the dollar, and those who trusted in U.S. public debt will suffer.

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But as an alternative, Mr Smithers points out, it can still target the exchange rate the foreign price of money.

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