与其控诉中国操纵汇率,不如帮助中国扩大内需

发布时间：2018-04-01 04:35

本文选题：均衡水平　切入点：市场干预　出处：《国际经济评论》2013年02期

【摘要】：正有关中国央行通过外汇市场干预来维系人民币的低汇率,进而防止其大幅升值的批评可谓连年不断。当然,其间也不乏些许争议。这是因为,人们对人民币的低估和它应有的均衡水平看法不一。的确,要精确估算汇率低估程度和均衡汇率并非易事。但自2005年以来至今,人民币实际有效汇率的累计升值幅度已近40%。因此,人们有理由认为,中国的汇率低估问题已经有了明显的缓解。然而,不少批评家却并未因此松口。他们坚持认为人民币的汇率被严重低估,而汇率操控正是其背后的推手。
[Abstract]:Criticism that the people's Bank of China has intervened in the foreign exchange market to keep the yuan low, and thus prevent it from appreciating significantly, has been controversial for years, of course. Opinions differ between the undervaluation of the renminbi and the level of equilibrium it should have. It is true that it is not easy to accurately estimate the undervaluation of the exchange rate and the equilibrium exchange rate. But since 2005, The cumulative appreciation of the real effective exchange rate of the RMB is already close to 40 percent. Therefore, there is reason to think that the problem of undervaluation of China's exchange rate has been significantly alleviated. Many critics have not let it go. They insist that the yuan's exchange rate is grossly undervalued, and that currency manipulation is behind it.
【作者单位】：洛桑大学;法国银行;
【分类号】：F832.6

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