人民币升值压力的双重视角研究

Dual Perspective Study on RMB Appreciation Pressure

由双顺差和生产率相对提升导致的升值压力确实存在,但当前已减轻;近期人民币升值压力主要来自美国等国出于经济或政治意图进行的外部施压,但各国施压人民币的目的和策略存在差异。中国必须认清升值压力的本质,继续坚持"自主性"掌控人民币汇率形成机制的改革路径,必要时可实施反制措施。

This article analysis the source of RMB appreciation pressure by the dual perspective of economic fundamentals and external factors. The results show that： RMB appreciation pressure caused by the double sur- plus and productivity relative enhance definitely existed, but this pressure has reducedo Recently, RMB appre- ciation pressure is external pressure which from the major powers led by the United States for the purpose of eco- nomic and politics~ Therefore, China must recognize the nature of the appreciation pressure, adhere to control the reform of the RMB exchange rate formation mechanism autonomously, and implement counter-measures through different ways if necessary.