文章来源：腾讯新闻网
译者：深圳大学 赖小琪
美国是世界最大汇率操纵国
America, the Greatest Exchange Rate Cotrolling Country
3月18日，新华社刊发文章指出，有充分证据表明，频频指责别国操纵汇率并不断施压强迫别国改变币值的美国，才是世界上最大的“汇率操纵国”。通过操纵汇率，美国获得了巨额的经济利益。
On March 18th, the Xinhua News Agency reported that there is a full range of evidence indicating that America, who frequently criticizes other countries’ controlling the exchange rate and presses them to alter their currency value, is indeed the greatest exchange rate cotrolling country around the globe. Through manipulating the foreign exchange rate, he has gained massive profits.
对于上述观点，多位接受《每日经济新闻》记者采访的专家表示赞同。《货币战争》作者宋鸿兵认为，“美元和人民币的汇率已经进入实战了”。中国社科院金融所金融市场室主任曹红辉则指出，美国操纵汇率是损人不利己。
In terms of the views above, many experts interviewed by journalists from Daily Economic News all approve of them. Song Hongbing, the writer of Currency War, thinks that the US dollar and RMB have actually engaged in a battle. Cao Honghui, the chairman of Financial Market Department of Chinese Academy of Social Science, points out that America’s manipulaing exchange rate has done great harm to others but no good to himself.
新华社上述文章引用了专家归纳的美国操纵汇率的一些手法：通过带有欺骗性的投行报告、专家研究结果等，向市场释放诱导信息；近期通过对冲基金沽空欧元、英镑等外币，未来还有可能攻击日元；耍弄政治、外交和贸易手段，压迫人民币按其要求和标准升值；在金融危机中，先是通过平准基金大量抛售欧元，导致欧元狂跌、美元上涨，然后大肆印制钞票，填平坏账。
The articles published by Xiuhua News Agency quotes some of the means summarized by experts, which are adopted by America to manipulate the exchange rate: through some deceiving investment reports or some research outcomes to release misleading information into the market; oversold Euros and sterling pounds by hedge funds through hedge funds recently, and may attack Yen in the near future; presses RMB to appreciate to the level he expects through political, diplomatic and trading means; undersold Euros through stabilization fund to raise the value of dollar and lower the value of Euro, and then printed his home currency at a large scale to offset its bad debts.
文章指出，美国通过操纵美元汇率，使得中国等发展中国家的美元储备和美元资产大幅缩水，以化解自己庞大的外债压力，同时利用“估值效应”提升自己的对外资产价值。
The article shows that trhough manipulating dollar’s exchange rate, America has caused China and other developing countries to suffer a great loss in reserves and assets denominated in dollar, so as to eliminate its huge debt-paying pressure, and meantime raise the value of its foreign assets by the use of Valuation Effect.
比如，在美联储主动操纵下，1985年《广场协议》签订后，美元狂贬逾40%。2001年后，美元相对主要货币又持续贬值超过30%。相应的，2001年到2006年，美国对外总负债虽然增加3.856万亿美元，净负债却减少1990亿美元，即净赚资本收益4.055万亿美元，其中，操纵美元贬值贡献8920亿美元，压迫别国货币升值、制造资产价格变动净赚3.163万亿美元。
For instance, under the control of the Federal Reserves, after the Plaza Agreement signed in 1985, US dollar has depreciated 40%. Since 2001, the dollar exchange rate to other currencies has continuously decreased by 30%. Accordingly, from 2001 to 2006, though America’s debts to other nations increased by 3.856 trillion, its net debt actually decreased by 199 billion, which means the US has earned a net capital income of 4.055 trillion, to which the manipulating dollar to depreciate contributed 892 billion , pressing other currencies to appreciate and making the price of assets fluctuate contributed 3.163 trillion.
“美国操纵汇率的途径是多样的，他们从来不说自己，而说别人在做。”曹红辉也认为，美国的确通过一系列政策来操控汇率，这其中包括外汇市场操作、公开市场操作、国债政策以及多个部门的协同。
“America’s means for manipulating the exchange rate are various, but he never blames himself and constantly blames others.”, Cao Honghui said, “America has indeed adopted a series of policies to control foreign exchange rate, including foreign exchange market operations, open market operations, debt policies and the collaboration of different departments.
宋鸿兵说，由于美元是世界储备货币，而发行美元的权力完全在美国手中，因此，美联储想怎么发美元就怎么发，印多印少完全由自己决定。如果再用汇率来指责别国，那简直就是在开国际玩笑。
Song hongbing said that as US Dollar is the currency for worldwide reserves and the issuing right is at the hand of America, the Federal Reserve can issue as much as he wants. If America still used exchange rate to reproach other nations, it is literally ridiculous!
宋鸿兵认为，这些问题是美国制造的，美联储就相当于国际央行，别的国家想要保持汇率稳定，想要跟美元一致，美国却在指责。这就好比有人在制造洪水泛滥，却不允许下边的人控洪自救。
Song also thinks that all the problems were produced by America. The Federal Reserve acts as a global bank. When other nations try to stabilize the exchange rate and stand in line with US dollar, America only keeps blaming. It is as if some people are causing flood and stop others from saving themselves.
中国人民大学财政金融学院副院长赵锡军认为，虽然要认清美国操纵汇率是一个比较复杂的问题，但从目前的情况来看，美国通过使美元低估来刺激出口的目的是比较明显的。
Zhao Xijun, the deputy chairman of Financial School of Renming University of China, thinks that though to see through America’s manipulation of foreign exchange rate is a little bit difficult, it is obvious that America intends to promote its exports through devaluating US dollars.
曹红辉认为，美国强压人民币升值，并无助于解决中国的结构失衡问题，对世界经济也会造成不利影响，尤其是对亚洲经济会造成不利影响，如果人民币升值过快，会拉动亚洲其他货币随人民币一起升值，影响亚洲经济的复苏。因此，这样做不但不能帮助中国，还可能危及中国的稳定。
Cao thinks that it contributes nothing to solving China’s structual imbalance if America presses RMB to appreciate. Worse still, it will exert a negative impact on the global economy, especially on Asian economy. If RMB appreciates too rapidly, it will pull other Asian currencies along with it, which will curb the recovery of Asian economy. Therefore, the appreciation of RMB will not do good to China, but harm our stabilization.
“不能任由美国这种情绪的宣泄，这可能会激化国际贸易摩擦、战略冲突和矛盾，对美国自己的结构失衡问题也无任何帮助，不会达到他们预期的效果。”曹红辉说，人民币升值后，中国出口价格上涨，直接带动美国物价上涨，福利水平下降，对美国低收入者是不利的。就业机会也不可能增多，因为中国的很多出口产品美国并不生产。
“We can no longer tolerate America’s behavior that will worsen international trade friction and strategic conflicts. It does little good to America’s structural imbalance.” Cao said, “After RMB appreciates, China’s export price will increase accordingly, which will push up America’s price and push down its welfare standard. It is indeed harmful to low-income people and contributes little to employment, because a lot of Chinese exporting products are not produced in America.
美国为什么总是向人民币施压？昨日，一位长期跟踪汇率问题的媒体人士告诉 《每日经济新闻》记者，除了经济方面的原因，美国还有其他目的。美国这样做，是要以此转移注意力，实现其他目的，比如美国大选等。还有一个很重要的政治目的，就是有一部分美国人想控制中国的发展速度。
Why America places so much pressure on RMB? Yesterday a person keeping track of the issue of foreign exchange rate told our journalist that apart from economic factors, America has other purposes. It intends to transfer its people’s attention to other fields, like America presedential campaign. There is also another significant political purpose that some American intends to control China’s developing speed. |
