美国第四轮量化宽松货币政策的影响及我国应对策略

Research on the Influence and Countermeasures in QE4

美国实施第四轮量化宽松货币政策,加剧虚拟经济和实体经济之间的背离;增加新兴市场国家流动性压力;固化金融投机经济的封闭性;引发全球贸易保护主义抬头;影响国际金融合作机制运行效能。同时也增加了我国通货膨胀调控压力;减弱人民币政策自主性;加剧国内资产泡沫。我国应运用多种政策抑制通胀;提高汇率管理的灵活性;促使企业加快转型升级;采取差异化治理策略;积极参与国际货币政策协调机制;稳妥推进人民币国际化进程。

To handle continuous spread and increasing adverse effect of financial crisis, United States have exert- ed a fourth round of quantitative easing （QE4）, which has raised pressure of controlling domestic inflation and apprecia- tion of the RMB. In addition, QE4 has hurt the autonomy of RMB policy and soared domestic asset bubble. In order to tackle with QE4, China should take plentiful measures to regulate inflation, enhance the flexibility of governing ex- change rate, utilize backward mechanism to promote the transformation and upgrading of enterprises, take advantage of differentiation management to strengthen power of risk diversification, get actively involved in International Mone- tary Policy Coordination Mechanism and carry forward RMB internationalization safely.