The currency wars started a decade ago and led to record trade imbalances. US and European policy makers tried to counter the effects and save jobs by encouraging a housing bubble. When the bubble popped, jobs disappeared. The US and Europe then adopted monetary and fiscal stimulus measures but prolonged financial deleveraging has offset much of their impact.
始于十年前的汇率战,导致全球出现了前所未有的贸易失衡状况。美欧政策制定者曾尝试鼓励地产泡沫,借以抵消贸易失衡的影响并保住就业岗位。当泡沫破裂之时,工作机会大量蒸发。接着美国和欧洲采取了货币与财政刺激措施,但旷日持久的金融去杠杆化进程抵消了其中的大部分效果。
Some have criticised the US for fuelling the currency wars through its unconventional monetary policy known as quantitative easing. However, that US initiative is conducted entirely in dollars and is intended to boost consumption and investment within the US rather than to curb imports. Any impact on the exchange rate is secondary.
有些国家批评美国通过被称为“量化宽松的非常规货币政策,使汇率战愈演愈烈。然而,量化宽松完全是以美元进行的,意在刺激国内消费和投资,而并非抑制进口。量化宽松对美元汇率的影响是第二位的。
Moderate amounts of foreign exchange reserves help countries protect against adverse economic shocks. But reserve purchases by currency aggressors long ago exceeded the amounts that could be described as prudent. Governments in many developing economies and a few higher-income countries bought nearly $1.5tn of reserves and other foreign assets last year.
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