Currency swap seems to have become the bargaining chip for the U.S. Richard Fisher, the president of the Federal Reserve Bank of Dallas, recently stated that the Federal Reserve is unlikely to sign a currency swap agreement with People's Bank of China since the country’s capital account is not fully liberalized. However, ANBOUND think tank scholars highlighted that China should not worry about the currency swap agreement as the country holds large-scale of foreign reserve and U.S. bonds. Appropriate capital control is an important approach to protect China from overseas financial crisis.