To maintain the exchange rate stability, the central bank would have to use base money to intervene in the foreign exchange. “To some extent, the exchange rate system has become a note-issuing system in China.” Zhou said. It is for this reason that Zhou made the title of his speech as Money Is a System Arrangement. Out of institutional reasons, the central bank has to utilize base money to keep exchange rate stability and inflation, therefore, is inevitable. In Zhou’s view, inflation can be fundamentally tackled by fiscal means and we should “put real money in the market”, not base money.
周其仁说,“人民币币值稳定和人民币汇率稳定之间,如何做好权衡,希望能在‘十二五’期间解决此问题,解决方式可以渐进,但一定要解决,因为币值对所有人都有影响。”他还略带讽刺地说,解决方法之一是财政发行“稳定汇率债”,“尤其要让那些反对人民币升值的人多买”。
Zhou said, “How to strike a balance between the stability of RMB value and that of its foreign exchange rate should hopefully be settled during the “Twelfth Five-Year Plan”. It can be tackled in a gradual process but should for sure be tackled because it has a great impact on all the people in our country.” He also said in a bit ironical way that one of the solutions is to issue “debts of stable exchange rate” for people, “particularly for those who oppose the appreciation of RMB”.
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