泰索斯人才市场收380元:翻译一段话6

This is where exchange rate flexibility comes in as well. The link is a subtle one. Since most Chinese saving is intermediated through the banking system, a more commercially-oriented banking system would ensure a more efficient allocation of resources in the economy. And this, in turn, would require that banks respond to market-based measures to control economic activity. The instruments that are typically employed in such circumstances in market economies include the short-term interest rate. In the absence of exchange rate flexibility, however, the independence of monetary policy had been greatly constrained, even if capital controls insulated the monetary system to some extent. This resulted in the monetary authority having to use nonmarket measures such as moral suasion to control credit and investment growth, an outcome that may have had short-term benefits but that vitiated the process of banking reforms. The need to sterilize large waves of capital inflows had also put a heavy burden on the central bank.

高手来翻译，要求准确性，软件翻译无效，谢谢