【正文】 s value. Blame Game As for the ., the QE2 was one of several policy levers pulled to improve the country39。《金融時(shí)報(bào)》的《中國投資參考》（ FT China Confidential） 2 月份發(fā)布的一份報(bào)告稱，中國外匯管理局估計(jì)，通過資本賬戶流入中國的熱錢，從 2020 年的 1 萬億美元，減少到了目前的 2， 900 億美元，這表明，即便在實(shí)施量化寬松政策，中國也有能力有效控制資金的流入量。 ” 戴斯勒認(rèn)為，伯南克本來是可以通過在國內(nèi)外說明出臺第二輪量化寬松政策的原由而避免遭到批評的。舉例來說， 4 月初，它出臺了提高商業(yè)銀行存款準(zhǔn)備金率的措施，以收緊信貸，同時(shí)，它還將一年期存貸款基準(zhǔn)利率提高了 25 個(gè)基點(diǎn)，這是今年第二次提高基準(zhǔn)利率，也是自去年年初以來的第四次提高基準(zhǔn)利率。 “中國的過度反應(yīng)是毫無緣由的。幾個(gè)月以來，美國的失業(yè)率一直徘徊在 10%左右。 ”他談到。正如日本銀行（ Bank of Japan）的一份報(bào)告指出的： “從全球來看，寬松的貨幣政策在商品價(jià)格的迅速上漲中扮演著重要的角色，這種政策既刺激了人們對商品的實(shí)際 需求，同時(shí)也促使更多的投資流向了商品市場。 ” 但是，第二輪量化寬松政策的出臺時(shí)機(jī)并不 “走運(yùn) ”，政 策的推出恰好在 11 月于漢城舉辦的 G20 峰會（ G20 Summit）的前幾天，戴斯勒談到。 ” 但是斯瓦格表示，讓人民幣進(jìn)一步升值對中國的經(jīng)濟(jì)有好處。s. Zheng Hui, finance professor at Shanghai Fudan University, says that since the first two rounds of quantitative easing, more . dollars have been circulating in world markets, weakening the value of the dollar against other major currencies. Given that international modities are priced in dollars, he says, everything from oil to sugar has bee more expensive. In March, for example, the FAO Food Price Index a measure of the monthly change in the international prices of a basket of food modities averaged 230 points, down % from its peak in February, but 37% above March last year. Oil, meanwhile, hit $120 a barrel the highest level in more than two years though the turmoil in the Middle East and North Africa is the big factor influencing oil prices currently. Noheless, Zheng isn39。s two largest economic heavyweights as a result. “The two countries are blaming each other for their problems,” says Swagel, “However, the fact is that China is not the main cause of . problems and vice versa.” 。s economy. But officials in Beijing have echoed criticism heard elsewhere around the world that QE2 has also triggered a sharp increase in world modity prices and an influx of hot money into their country. They expect more of the same if there is a QE3. Experts are divided whether such concerns are justified. Tian Suhua, an international economics professor at Shanghai Fudan University, notes that the effect of QE2 has been greater than QE1. “The first round of QE only affected China through the trade channel, while in the second round, the ability of . banks and mortgage panies to issue credit was strengthened, so the effect on China was amplified by the money multiplier,” he says. The QE239。從而，日本和歐盟等中國的主要貿(mào)易伙伴就會深受不公平的貿(mào)易劣勢之苦。然而，從政治上來看似乎并不可行。與此同時(shí)，石油價(jià)格則觸及到了每桶 120 美元的高位，這是兩年多來的最高價(jià)格水平，當(dāng)然，中東和北非地區(qū)的動蕩也是影響目前石油價(jià)格的重要因素。 上海復(fù)旦大學(xué)國際經(jīng)濟(jì)學(xué)教授田素華指出，第二輪量化寬松政策對中國的影響比第一輪更大。但如果美國繼續(xù)執(zhí)行 QE 政策，將會在世界各地遭致抗議，其中的代表就是中國。最終，這一政策對于國內(nèi)經(jīng)濟(jì)以及在國際社會造成的溢出效應(yīng)也是相當(dāng)有限的。外匯交易員認(rèn)為，這一舉措有助于減少美元在決定中國貨幣價(jià)值上的權(quán)重。 ” 第三次會走運(yùn)嗎？ 復(fù)旦大學(xué)的田素華告誡說，美國出臺第三輪量化寬松政策的巨大風(fēng)險(xiǎn)在于，美元的信用將會因此而受到挑戰(zhàn)。 “兩個(gè)國家都在為自己的問題而指責(zé)對方。s School of Public Policy. He says the Fed was already keeping interest rates very low, leaving little room to lower rates further. “Another option at that time was a new stimulus bill. However, it