In a perfect world, there would be no foreign exchange reserves. If a country ran the occasional current account surplus or deficit, it would quickly be neutralised by a stronger or weaker currency. Any policymaker with an interventionist bent would be banished to the corner, wearing a pointy hat.
在一个理想的世界里，是不会有外汇储备的。某个国家如果偶尔出现经常账户盈余或赤字，很快就会被本币升值或贬值所中和。任何有干预主义倾向的政策制定者都将被带上尖顶帽赶到角落里。
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