摘要
定性地分析了人民币升值面临的潜在恶性循环,并指出导致该恶性循环的根源在于国际、国内经济的失衡。如果不从根本上纠正这些失衡,人民币汇率升值的正效应将被抵消,中国经济将面临流动性过剩和通货紧缩的两难选择,甚至有可能重蹈日本覆辙。
The paper analyses the potential vicious circle that lles ahead of the appreciating Renminbi （ RMB）, and points out the reasons rooted in the global and domestic economic imbalance. Without the parallel reform and coordination that correct these fundamental imbalances, the positive effects of RMB appreciation will be offset. China＇s economy might be caught in a dilemma of excess liquidity and deflation, which may even lead China to repeat Japan＇s lesson.
出处
《商业研究》
北大核心
2007年第3期115-119,共5页
Commercial Research
关键词
人民币汇率
外汇储备
流动性陷阱
利率
RMB exchange rate
foreign exchange reserve
liquidity trap
interest rate
