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-資料下載頁
2025-05-12 10:04本頁面
【導(dǎo)讀】美聯(lián)儲主席本·伯南克今年2月在華盛頓特區(qū)發(fā)表。右這一讓人更寬慰的水平可能還需要很長的時間。演講結(jié)束后，當(dāng)被問及，目前這一輪政策。在6月結(jié)束后，美聯(lián)儲是否有必要推出另一輪所謂的“量化寬松”（quantitativeeasing，簡稱。種經(jīng)濟(jì)指標(biāo)來做出決策，其中就包括失業(yè)率。幾個月以來，美國的失業(yè)率一直徘徊在10%左。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。但是，全球各地都能聽到這樣的批評：第二輪量化寬松政策同樣觸發(fā)了全球商品價。格的急劇飆升，北京的官員對此深表認(rèn)同，并稱，熱錢因此流入了自己的國家。如果出臺第三輪量化寬松政策，也將會產(chǎn)生這樣的結(jié)果。主要影響是政治性的。曾任職美國對中國事務(wù)貿(mào)易代表助理的弗雷。年3月則上漲了37%。的最大驅(qū)動因素是中國的貨幣政策。這個國家的中央銀行中國人民銀行一直在與通貨膨脹抗?fàn)帯，F(xiàn)平衡的爭論中只能采取守勢。
【正文】 n in pushing China on other issues at Seoul, such as the currency appreciation.” Destler reckons that Bernanke made a mistake in not giving a serious international justification of QE2 in time, hence putting himself under international criticism. He should have explained that it was necessary for the Federal Reserve to implement QE2 to stimulate the . economy, that the international spillover was manageable and the world would benefit from a stronger . recovery,” he says. Third Time Lucky? Tian of Fudan University warns that the big danger of a QE3 is that it will challenge the credibility of the . dollar. “If countries around the world bypass the . dollar during international trade, dollars will flow back to the and that would be a serious problem for the .,” he says. Zheng of Fudan University notes that in the event of further easing by the Fed, China will most likely have to allow the RMB to appreciate. “A third round of QE equals another round of petitive depreciation of the . dollar,” he says. “Since the RMB maintains a soft peg to the dollar, the RMB39。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 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 the world39。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.”
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