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米什金的《货币金融学》提到，小国货币汇率被高估时，央行对外汇市场进行干预：购买本国货币，减少外汇储备，基础货币、货币供给减少，直至最后耗尽。但“这个外汇干预不能进行冲销，因为进行冲销会导致国际储备的持续减少”。根据这些说法，貌似不进行冲销而只是出售外汇、购入本币，国际储备将不会减少？进行非冲销性干预不也同样可以耗尽外汇储备吗？冲销操作的目的是什么呢？谢谢！
原文如下：
If there is perfect capital mobility-that is, if there are no barriers to domestic res-
idents purchasing foreign assets or foreigners purchasing domestic assets-then a ster-
Ilized exchange rate intervention cannot keep the exchange rate at because, as we
saw earlier in the chapter, the relative expected return of domestic assets is unaffected.
For example , if the exchange rate is overvalued, a sterilized purchase of domestic cur-
rency will leave the relative expected return and the demand curve unchanged-so
pressure for a depreciation of the domestic currency is not removed. If the central bank
keeps purchasing its domestic currency but continues to sterilize, it will just keep los-
ing international reserves until it finally runs out of them and is forced to let the value
of the currency seek a lower level.
One important implication of the foregoing analysis is that a country that Lies
its exchange rate to an anchor currency of a large r country loses control of its mon-
etary policy. If the larger country pursues a more contractionary monetary policy
and decreases its money supp ly, this would lead to lower expected infla tion in the
larger country, thus causing an appreciation of the larger country' s currency and a
depreciation of the smaller country' s currency. The smaller country, having locked
in its exchange rate to the anchor currency, wtll now find its currency overvalued
and will therefore have to sell the anchor currency and buy its own to keep its cur-
rency from depreciating . The result of this foreign exchange intervention will then
be a decline in the smaller country' s international reserves, a contraction of its mon-
etary base, and thus a decline in its money supply. Sterilization of this foreign exchange
intervention is not an op tion because this would just lead to a continuing loss of
international reserves until the smaller country was forced to devalue its currency.
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