新一轮量化宽松对中国涉外经济的影响

New round of QE＇s impacts on China＇s foreign-related economy

文章梳理了美国历次OE对美国实体经济、美元和全球避险情绪的影响，比较了新一轮OE与前两次0E所面临的不同宏观经济环境，指出QE对美国实体经济的作用相对有限、推出OE也有将其作为应对财政悬崖预防性措施之考虑，文章最后分析了新一轮0E政策对我国涉外经济产生的影响，具体可能表现为进出口顺差减少、资金流入扩大、引起通胀压力、宏观调控难度增加等。

After reviewing the influence of Fed＇s QEs on the U.S. real economy, US dollar and global risk aversion, and comparing the different macroeconomic environments faced by the new round of QE and the two previous QEs, the article assumes a relatively limited role of QEs on the U.S. real economy and regards QE as a preventive measure for fiscal cliff. It then analyzes the potential impacts of the new round of QE on China＇s foreign-related economy, such as smaller foreign trade surplus, larger capital inflow, inflation pressure and greater difficulty in macro control.