警惕欧版QE的影响!

Be aware of the influence of Europe QE

欧版量化宽松政策是一剂猛药，可被视为欧元流动性变化的拐点。QE的客观结果就是货币竞争性贬值。欧盟加入QE队伍，势必引发新一轮的货币战争。如今，美国经济复苏态势明朗，欧元的弱势必然巩固美元的强势，中国两大贸易伙伴，一个贬值，一个升值，一个流动性增加，一个可能回流，其效应正好可以对冲。

Quantitative Easing in Europe is a d r a mat ic mea su re, a nd might be the turning point of the Euro liquidity. The objective outcome of QE is competitive depreciation.Euro's QE is bound to trigger a new round of currency war. It is clear that US economy is in recovery. And the weakness of Euro will further strengthen the dollar. The two biggest trade partners of China hedge while one appreciate, the other depreciate, one with increased liquidity, the other with counterflow. If the Europe economy is effectively stimulated by QE measures, it is helpful to raise the demand for Chinese products.