2. 职称英语
  3. 北京上周宣布人民币不再盯住美元，给全球货币、债券和商品市场带来冲击波。北京新的影响力由此清晰可见。 通过购买国库券，中国向美国消费者和政府提供着

北京上周宣布人民币不再盯住美元，给全球货币、债券和商品市场带来冲击波。北京新的影响力由此清晰可见。 通过购买国库券，中国向美国消费者和政府提供着

游客2025-02-03  4
问题     北京上周宣布人民币不再盯住美元，给全球货币、债券和商品市场带来冲击波。北京新的影响力由此清晰可见。
    通过购买国库券，中国向美国消费者和政府提供着廉价资金。如果人民币转而盯住一篮子货币导致中国减持美元资产，那么美国的债券收益率可能就会上升。美国的中国抨击者们要求人民币再上调25％或者更多，他们这下应该小心了。这种大幅重新定值一定会将债券收益率推向一个更高的水平，从而严重损害美国经济。其实，如果说调整人民币币值会对美国的贸易逆差产生什么实际影响，那不会是通过重新定值本身，而是因为债券收益率升高压缩了国内需求。
    美国的贸易逆差主要是开支过度和储蓄不足引起的，并非源自中国的不公平竞争。如果说美国贸易逆差的责任中国也有份，那不是通过压低汇率，而是通过降低债券收益率从而刺激家庭过度借贷和开支。从这个角度看，现在制定全球货币政策的是北京，而不是华盛顿。
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答案     Beijing announced last week that the Renminbi (RMB) yuan would no longer be pegged to the US dollar, which brought Shockwaves to global currency, bond and commodity markets. Beijing’s new influence was clear from it.
    China has provided cheap finance to America’s consumers and its government by buying Treasury bonds. If the switch to a currency basket causes China to reduce its new purchases of dollar assets, then American bond yields could rise. America’s China bashers, who demand a further RMB revaluation of 25% or more, should therefore be careful. Such a large-scale revaluation would surely push bond yields higher and badly hurt America’s economy. Indeed, if the yuan’s adjustment has any real impact on America’s trade deficit, it will not be through the revaluation itself, but because higher bond yields squeeze domestic demand.
    America’s trade deficit is due mainly to excessive spending and inadequate saving, not to unfair Chinese competition. If China has contributed to America’s deficit it is not through its undervalued exchange rate, but by holding down bond yields and so fuelling excessive household borrowing and spending. From this point of view, global monetary policy is now made in Beijing, not Washington.
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