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.
在一個理想的世界里，是不會有外匯儲備的。某個國家如果偶爾出現經常賬戶盈余或赤字，很快就會被本幣升值或貶值所中和。任何有干預主義傾向的政策制定者都將被帶上尖頂帽趕到角落里。
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