【正文】 seemed to be politically unlikely,” he notes. “Another round of QE was one of the few choices left.” But the timing of the QE239。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。雖然出口產(chǎn)品的價(jià)格會(huì)提高，不過，人民幣升值也降低了重要部件的進(jìn)口成本。 “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。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(gè)經(jīng)濟(jì)體系中流通，并最終抬高了通貨膨脹。 ” 美國財(cái)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 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(gè)國家的就業(yè)率回升到危機(jī)之前 5%左右這一讓人更寬慰的水平可能還需要很長的時(shí)間。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。在擔(dān)心公眾對能源和食品的更高支出出現(xiàn)強(qiáng)烈反應(yīng)的時(shí)候，高企的商品價(jià)格讓這個(gè)依賴進(jìn)口的經(jīng)濟(jì)體感到日子很不好過。美聯(lián)儲(chǔ)不想讓自己看起來具有黨派性，不想讓自己看似在支持民主黨政府。強(qiáng)勢的人民幣可以有效降低信貸的增長，而且能有效抑制通貨膨脹。s, should shoulder some of the blame for the rise modity prices. As a report by the Bank of Japan notes, “Globally, acmodative moary conditions have played an important role in the surge in modity prices, both by stimulating physical demand for modities and by driving more investment flows into … modity markets.” For China, that matters a lot. Its importdependent economy is feeling the pinch of higher modity prices amid concerns about major public backlashes about higher fuel and food bills. “China has few choices but to continue importing those global modities,” says Zheng. “Even if crude oil prices and food prices keep soaring, China is unlikely to reduce its expenditures on these imports.” Yet according to University of Maryland39。s exchange rate will also depreciate against other major currencies. China?s major trading partners, such as Japan and the European Union, will suffer from an unfair trade disadvantage. In this sense, a third round of QE would exert additional pressure on Beijing to allow a faster pace of the RMB appreciation.” Enabling the RMB to appreciate further than it has in recent months might be good for China?s economy, adds Swagel. “China should allow the RMB to appreciate,” he says. “A stronger Yuan will effectively reduce credit growth and curb inflation. Even if allowing for faster currency appreciation will have a negative impact on the export sector, China can still take action to keep its economy strong. ” According to online information provider Finance China, a senior researcher with the Development Research Center of China39。s Quantitative Easing? In a speech in February in Washington, ., Federal Reserve chairman Ben Bernanke said that despite various efforts, it could be a