从“溢出效应”论人民币汇率不宜升值

Upvaluation of Exchange Rate of Ren Ming Bi Is Inadvisable from "Overflow Domino Offect"

自2003年以来,美元对欧元、日元汇率大幅贬值,而目前中国实行人民币盯住美元的汇率制度,因此,美元的贬值使得人民币对其他货币相对贬值。为了自身以贸易利益为主体的趋利动机,美国、日本、韩国等国家纷纷提出"人民币汇率应尽快升值"的观点,人民币汇率再次成为世界的焦点。根据开放经济的相互依存性(溢出效应),目前人民币汇率不宜升值。

The exchange rates of US dollars to Euro and Japanese Yen has been devalued dramatically since 2003. The exchange rate of RMB refers to US dollar's rate system. So the devaluation of US dollars makes RMB devalues relatively. However, for its entity's benefits, USA, Japan and Korea have proposed that the exchange rate of RMB should be upvalued quickly. The exchange rate of RMB become the focus again. The upvaluation of exchange rate of RMB is inadvisable according to economic relative dependence - overflow domino offect.