国际收支失衡结构性特征与政策调整

The Structure Characteristic and Policy Adjustment of International Imbalance in Balace of Payment

当前我国的国际收支失衡是结构性失衡,即经常项目顺差与贸易顺差增长较快,这是我国经济结构不合理、消费投资关系不协调等内部矛盾的外部表现,是由我国本轮经济增长的特征决定的。在此背景下,允许人民币适当升值具有一定的意义。实证分析表明,人民币适当升值对利率调控空间的影响有限,利率政策应该在解决内部失衡方面发挥更大的作用。

China＇s Imbalance in Balance of Payments is mainly in current account, which is made by the internal imbalance of China＇s economy. The paper analyzes the relation between exchange rate and interest rate of Renminbi. The conclusion is that the appreciation of Renminbi has little influence on interest rate policy and the central bank should make full use of interest rate policy to solve the internal imbalance.