During the period of exchange rate depreciation, unless the interest rate of the borrowed currency and other costs are high enough, speculative activities of short-selling devalued currencies are inevitable  If the monetary authority has enough foreign exchange reserves to persist until the end, the speculator returned dishonestly after failing
However, if foreign exchange Insufficient reserves, speculators will eventually leave, whether under the pressure of appreciation or devaluation, if the exchange rate cannot quickly reflect the market's supply and demand relationship, it will damage the macroeconomic stability and is not conducive to the adjustment of the economic structure
If the exchange rate can quickly reflect market supply and demand, then it will not harm macroeconomic stability