人民币汇率与中美贸易的不平衡

RMB Exchange Rate and Imbalance of Sino-US Trade

随着中美经贸关系的快速发展,双边贸易不平衡显现日益加剧的趋势。美国认为,中美贸易的不平衡问题是根源于人民币的被低估和不灵活,美国想通过逼人民币升值来解决中美间贸易不平衡。本文认为中美贸易失衡根源于双方储蓄———投资机制失衡。逼人民币升值不能解决中美间的贸易不平衡,只能导致中美两国的双输。因此,要解决中美贸易的不平衡一方面要美国增加国内储蓄,减少对华出口的限制;另一方面要中国扩大内需,减少对外贸易的依赖。

With the fast development of economic and trade relations between China and the United State, the bilateral trade imbalance increases day by day. The US believes that the root of the imbalance is the underestimate and inflexibility of RMB. The US wants to solve the Sino- US trade imbalance by eompeUing the RMB to revalue. This article holds that the root of imbalance lies in the imbalaneed deposit-investment mechanism of both sides. Compelling the RMB to revalue is unable to solve the problem, only to result in the losses of both sides. Therefore, to solve the problem of the Sino-US trade imbalance, on the one hand, the US should increase the domestic deposit and reduce the restriction to China＇s export; on the other hand, China should expand the domestic demands and reduce the dependence on foreign trade.