一位国际货币基金组织（IMF）的高层官员表示，外汇干预在短期内能带来一些好处，但长期来看其效果有限；因此应该允许各国货币自行适应全球性的经济冲击。
Foreign-exchange intervention offers limited benefits beyond the near term and currencies should be allowed to adjust to global shocks, a top International Monetary Fund official said.
“那些允许汇率自由波动的国家受益更多，”IMF亚洲及太平洋部门主任克里希纳·斯里尼瓦桑（Krishna Srinivasan）周三在孟买举行的新闻发布会上这样回答关于亚洲货币问题的提问。他指出，在全球经济面临多重冲击的情况下，汇率应该被允许承担部分压力，从而起到“第一道防线”的作用。不过他并未具体提及印度储备银行（RBI）的具体举措。
“Countries which allow exchange rates to move have benefited more,” Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, said at a press conference in Mumbai on Wednesday, responding to a question about Asian currencies. With economies facing a succession of global shocks, exchange rates should be allowed to absorb some of the pressure and act as the “first line of defense,” he said, without naming the Reserve Bank of India.
由于全球性经济冲击导致资本外流、美元需求增加，亚洲各国央行都在努力应对本币贬值的问题。从印度尼西亚到日本，各国央行纷纷采取了加息和市场干预等措施，试图探明自己在不耗尽外汇储备、也不给本国经济带来额外负担的前提下，能在多大程度上阻止本币进一步贬值。
Central banks across Asia are grappling with currency weakness as global shocks drive capital outflows and boost demand for dollars. Policymakers from Indonesia to Japan have deployed a mix of interest-rate increases and market intervention, testing how far authorities can resist depreciation without running down reserves or imposing greater costs on their economies.
自2013年以来，印度储备银行（RBI）一直在采取最有力的措施来维护卢比币值。今年卢比是亚洲表现最差的货币之一，主要受到油价上涨以及印度股市持续资金外流的影响。本月，印度储备银行推出了新的政策工具，以满足国有石油公司对美元的需求，并要求银行在某些外汇交易中必须保留一定数量的现金。这些举措是在其近四年内首次加息之后实施的，因为政策制定者们担心卢比贬值和原油价格上涨可能会进一步加剧通货膨胀。
dia, the RBI is mounting its most forceful defense of the rupee since the 2013 taper tantrum. The currency has been among Asia’s worst performers this year, pressured by elevated oil prices and persistent foreign outflows from Indian stocks. The RBI this month rolled out a special window to meet dollar demand from state-run oil companies and a new tool requiring banks to park cash against certain foreign-exchange transactions. The moves followed its first interest-rate increase in nearly four years, as policymakers confront the risk that a weaker rupee and elevated crude could further stoke inflation.
不过，国际货币基金组织（IMF）明确区分了“干预外汇市场”与“吸引外资”的两种措施。负责印度、不丹和马尔代夫事务的IMF高级驻地代表拉尼尔·萨尔加多（Ranil Salgado）认为，印度储备银行最近为缓解外资流入而采取的措施总体上是积极的。“我们认为这是正确的政策方向，”他说。
The IMF drew a distinction, however, between intervening in the currency market and measures designed to attract capital. Ranil Salgado, its senior resident representative for India, Bhutan and Maldives, described recent RBI steps to ease foreign inflows as broadly positive. “We think that is a good policy,” he said.
印度央行通过放宽外国借款的相关规定，并提供激励措施来吸引海外印度人将外币存入印度银行，以此增加美元的供应量。这些措施为印度经济带来了数十亿美元的资金流入，有助于缓解卢比的压力，而无需过度依赖印度储备银行的储备资金。
The central bank has sought to bolster dollar supplies by easing rules for foreign borrowing and offering incentives to attract foreign-currency deposits from overseas Indians. Those measures have brought in billions of dollars, helping cushion pressure on the rupee without relying solely on the RBI’s reserves.
萨尔加多还指出，印度储备银行的政策目标是抑制货币的过度波动，而非维持某个特定的汇率水平。
Salgado also noted that the RBI’s stated policy is to curb excessive currency volatility rather than defend a particular exchange-rate level.