人民币升值对我国资产价格波动的影响

The Effect of RMB Appreciation on China's Asset Price Volatility

随着我国经济持续增长和外汇储备的逐年增加,人民币升值步伐有越来越快的趋势。自2005年7月,我国宣布结束维持十年之久的人民币汇率盯住美元政策以来,人民币已累计升值30%。人民币升值导致了我国资产价格的波动,特别是我国股票和房地产价格的起伏波动。如何应对由人民币升值引起的国内流动性过剩导致资产价格波动,成为政府面临的新挑战。

With China's sustained economic growth and foreign exchange reserves increased year by year,the pace of RMB appreciation trend become faster and faster.In 2005,China announced an end of the decade-long peg to the dollar exchange rate,the RMB has appreciated 30%since then.RMB appreciation has led to the volatility of asset prices in China,especially stocks and real estate prices fluctuations.How to deal with RMB appreciation caused by the excess domestic liquidity which lead to asset price volatility,the government has to find the resolution.