这些担心并非毫无依据,但人民币仍不大可能遭遇“信心挤兑”。事情将在很大程度上取决于中国官方能否充分摆脱神神秘秘的习惯,在储备、汇率、货币政策和国内银行体系的必要清理等问题上阐明清晰的战略。如果正确的战略浮出水面,那么信心就可以恢复,因为中国远不是一个失去清偿能力的国家。
How did China get here? The rise in foreign exchange reserves started way back in 2001, and proceeded at about 40 per cent a year in the mid 2000s. After that, the rate of increase has gradually slowed, and the reserves peaked at almost exactly $4 trillion in August 2017. Throughout this long period, China ran a large current account surplus, and a private sector capital surplus, but did not want the exchange rate to rise too rapidly. The authorities therefore smoothed the inevitable exchange rate appreciation by buying dollars and building reserves. The rise in the reserves was not so much a deliberate policy choice, more the automatic result of policy decisions elsewhere.
中国当前的局面是如何形成的?早在2001年,中国的外汇储备便开始增加,在本世纪头十年中期的增速达到约40%。之后外汇储备增速逐渐放缓,在2017年8月达到近4万亿美元的最高点。在这段很长的时期内,中国运行着巨大的经常账户顺差以及私人部门资本盈余,但不希望汇率升高得过快。因此,中国当局通过买入美元和积累外汇储备,使不可避免的汇率升值过程变得平缓。外汇储备的增加与其说是刻意的政策选择,不如说是其他地方政策决定自动引发的结果。
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