通货膨胀与汇率升值并存的分析——人民币对内贬值和对外升值的原因

The Chinese Currency Strengthening Despite Rising Inflation:A Sharp Contrast between the Falling Internal Value and Rising External Value of RMB

中国通货膨胀和人民币对美元汇率上升同时出现,人民币对内贬值和对外升值形成了鲜明的对照。这一现象意味着购买力平价不成立,人民币的实际汇率正在上升。本文证明,人民币实际汇率上升反映了中国产品国际竞争力的提高和巴拉萨-萨谬尔森效应的逐渐显示。

In China,inflation is proceeding concurrently with the rise of RMB against the U.S.dollar,and the fall of the internal value of the Chinese currency is contrasting sharply with the rise of its external value.This means that purchasing power parity(PPP)does not hold and the RMB's real exchange rate is rising.The rise in the real exchange rate of RMB is seen as evidence of increased international competitiveness of Chinese products on one hand,and fast productivity growth in the tradable good sector that puts upward pressure on the general price level as the Chinese economy approaches the 'full employment' level in the course of economic development(the so-called 'Balassa-Samuelson effect')on the other.