是“汇率操纵”还是“储蓄率落差”：人民币汇率政治经济学

"Currency Manipulation"or"Saving Rate Difference":The Political Economy of RMB Exchange Rate

通过对美国国会研究报告对美国贸易赤字和人民币汇率问题的研究的详细梳理分析,发现所谓人民币汇率低估,导致美国出现较大贸易逆差,影响美国就业的说法并无理论依据,更没有中国"操纵人民币汇率"的证据。国会研究部门认为,美国对华贸易逆差的根源在于两国之间的储蓄率存在较大落差,造成中国资本流向美国,出现贸易逆差只是表现形式,中国改变汇率安排对美国减少贸易赤字没有帮助。作者认为,人民币汇率问题凸显中国国力的强盛,对美国主导的战后国际政治经济体系产生了冲击,展现了未来中国的大国责任。

Through analyzing the CRS reports relating to U.S. trade deficit and China＇s currency rates, the article indicates that there are few evidences that it was the RMB Yuan which was said to be less-valued that made the U.S. trade deficit and imposed negative impact upon the U.S. employment. And it is invalid to say that the China Government ＂manipulates＂ currency. Main-stream voice from the CRS Report claims that U.S. trade deficit with China is from the saving rate difference between U.S. and China, which made the China＇s investment find chance to invest in the U.S. and American trade deficit appear. Any change of China＇s exchange rate will not greatly decrease U,S. trade deficit. The authors claim that the China＇s exchange rate debate actually proves China＇s strength. It impacts the international political and economical system established after WWII. It predicts China＇s responsibility.