美前财长:说中国“汇率操纵”?这是在砸自家招牌 | 外媒说
华盛顿邮报:宣称中国是“汇率操纵国”,姆努钦损害了自己的信誉
美国财政部长斯蒂芬·姆努钦
Treasury Secretary Steven Mnuchin on Monday named China a currency manipulator … and said he would ask the International Monetary Fund to intervene.
Mnuchin made clear he was doing President Trump's bidding after the Chinese central bank allowed its currency to decline by more than 2 percent below the psychologically important level of seven yuan, or renminbi, to the dollar.
如果某个国家干预外汇市场,以压低其货币币值的方式促进出口、阻碍进口,其效果就跟对进口产品征收关税、向出口产品提供补贴一样。特别值得注意的是,此前被视为汇率操纵国的国家,普遍会出现大量贸易顺差。
When a country intervenes in the foreign-exchange market to depress its currency so as to promote exports and discourage imports, something equivalent to imposing tariffs on imports and providing subsidies to exports is happening. This is especially of concern when, as in the case of countries previously deemed manipulators, a country is running a substantial trade surplus.
中国并不符合上述情况。
China does not come close to fitting this template.
萨默斯在文章中给出了详细的理由,跟CD君一起来看看吧。
Over the past eight years, it has reduced its trade surplus from more than 8 percent of GDP to essentially zero in response to U.S. pressure. Its interventions in currency markets over the past several years have been to prop up its currency rather than to drive it down.
And the move down in the yuan on Monday was not artificial — it was an entirely natural market response to newly imposed U.S. tariffs.
Without some mercantile advantage, and with ongoing efforts to prop up the exchange rate and so raise export prices and reduce import prices, there is no credible manipulation claim here.
By labeling as Chinese currency manipulation an exchange-rate move that was obviously a natural response to his boss's policies, the secretary has damaged his credibility and that of his office. It will be harder now in the next difficult financial moment for Treasury Department pronouncements to be credited by market participants.
美国把中国列为“汇率操纵国”,全球都会关注美国会不会迫使或是如何迫使中国改变汇率政策。如果中国不发生改变,这只会向中国和全世界展示美国有多无能。这样的行为怎么能是可取的呢?
Having seen the United States label China a manipulator, the world will wonder whether and how the United States will get China to change its exchange-rate policies. If Chinese policies do not change, we will have only demonstrated our impotence to China and the world. Why is that desirable?
Further, the president's flailing bluster, in which the treasury secretary is now a full participant, risks real economic damage as businesses and consumers become fearful and hold off on spending.
There is a growing concern that exchange-market developments will be an excuse for yet more tariffs against China, or for the United States to start buying up Chinese currency. Markets in recent days have reacted in ways suggesting high alarm, with investors flooding into safe-haven assets such as bonds, gold and even bitcoin and flooding out of riskier assets such as stocks and loans to businesses. The risk of recession going forward might now be as high as any time since the 2008 financial crisis.
五点理由,有理有据,如此苦口婆心地劝阻!美国难道还要继续这种搬起石头砸自己脚的无理指控吗?
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