外文翻譯---復(fù)蘇模式：中國應(yīng)該對美國的量化寬松政策感到擔(dān)心嗎-文庫吧在線文庫
【正文】 通貨膨脹惡化 然而，盡管該政策的影響相對較小，不過，對包括中國在內(nèi)的很多經(jīng)濟(jì)體而言，溢出效應(yīng)則是在一個敏感時期發(fā)生的。弗雷曼（ Charles Freeman）則反駁說，第二輪量化寬松政策的主要影響是政治性的。 前兩輪量化寬松政策分別于 2020 年 3 月和 2020 年 11 月開始實施，期間，美聯(lián)儲大量印鈔用以 購買銀行的債券以及抵押貸款證券 ——購買的目的旨在刺激美國的經(jīng)濟(jì)發(fā)展，降低借貸成本。伯南克（ Ben Bernanke）今年 2 月在華盛頓特區(qū)發(fā)表的一次演講中談到，盡管付出了各種努力，不過，這個國家的就業(yè)率回升到危機之前 5%左右這一讓人更寬慰的水平可能還需要很長的時間。就這種擔(dān)心的理由是否充分的問題，專家各執(zhí)一詞。 ” 美國財政部負(fù)責(zé)經(jīng)濟(jì)政策的前助理部長、馬里蘭大學(xué)（ University of Maryland）國際經(jīng)濟(jì)政策教授菲利普 舉例來說， 3 月，聯(lián)合國糧農(nóng)組織糧食價格指數(shù)（ FAO Food Price Index） ——記錄一攬子食品國際價格每月變動情況的指標(biāo) ——平均為 230 點，比 2 月的峰值下降了 %，但比去年 3 月則上漲了 37%。中國一直讓人民幣保持弱勢，并與美元 ?軟掛鉤 ?（ soft peg），從而 ，導(dǎo)致過多的貨幣在這個經(jīng)濟(jì)體系中流通，并最終抬高了通貨膨脹。 “當(dāng)時的另一個選擇是全新的經(jīng)濟(jì)刺激計劃。 “第二輪量化寬松政策讓美國在與中國關(guān)于世界經(jīng)濟(jì)重現(xiàn)平衡的爭論中只能采取守勢。因為人民幣與美元 ?軟掛鉤 ?，所以，人民幣對其他主要貨幣的匯率也會降低。雖然出口產(chǎn)品的價格會提高，不過，人民幣升值也降低了重要部件的進(jìn)口成本。s socalled quantitative easing would be necessary after the current round (known as QE2) es to an end in June, Bernanke replied, “The Fed will decide the same way it always does by looking at various economic metrics, including the unemployment rate, which has been hovering around 10% for some months. As the number of people out of work in the country remains high, it looks increasingly likely that the Fed will proceed with QE3, a move likely to be met with a chorus of disapproval around the world. Among the loudest critics: China. As under the first two rounds of quantitative easing (beginning in March 2020 and November 2020) the Fed would print money and use the funds to buy bonds and mortgagerelated securities purchases aimed at lowering borrowing costs in the . and stimulating the nation39。s Bank of China (PBOC), has been trying to bat inflation. In early April, for example, it raised the required reserve ratios of mercial banks and tightened credit, and it raised the benchmark oneyear borrowing and lending interest rates by 25 basis points the second time that it raised the benchmark interest rate this year and the fourth time since the start of last year. Around the same time, the PBOC also said it will allow the renminbi to be traded against a larger range of currencies than the current seven, including the . dollar, which foreign exchange traders says will help reduce the greenback39。s State Council recently predicted that the impact of an RMB appreciation on exportoriented enterprises would not be as big as many fear. Though the price of exports would increase, an appreciation would also lower the cost of imports. As for whether QE3 could trigger more hot money flowing into China, recent data suggests the impact might be muted. A report published in February by FT China Confidential said the Chinese State Administration of Foreign Exchange estimates that the amount of hot money currently reaching China through the capital account has decreased to around US$290 billion from US$1 trillion in 2020, indicating that even with the QEs, China has been able to handle the inflows effectively. Perhaps more telling about QE1, QE2, and the prospect of QE3, is the war of words unleashed by
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