Surprisingly, though, the avalanche of discussion on the yuan has focused mostly on what China should do. Few ask why China is doing this at all.
然而令人惊讶的是,关于人民币的大量讨论主要集中在中国应当怎么做。很少有人问及中国究竟为什么要这样做。
From Beijing's perspective, the benefits from internationalizing its currency are not obvious. China's pragmatic leadership has historically placed a high value on maintaining economic stability. But currency internationalization and accompanying financial liberalization will inevitably lead to greater volatility as policy makers relax controls over capital movements as well as over interest and exchange rates.
从北京方面的角度来看,人民币国际化的好处并不明显。中国务实的领导层历来十分重视保持经济稳定性。但随着决策者放松对资本流动以及利率和汇率的控制,货币国际化和随之而来的金融自由化无疑将导致更大的震荡。
In turn, policy makers will be forced to sacrifice some control over monetary policy, because pressures to maintain the yuan's value and availability as a global currency may conflict with domestic needs. An international currency historically requires expanding its supply abroad by running large budget or current-account deficits -- both of which are anathema to Beijing. These costs help explain why in the past, Japan and Germany both opposed internationalizing their currencies.
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★ 海尔柯贝斯2
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2020-09-15
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