全球金融危机后的中美金融合作——基于美国汇率政治视角的分析

The Sino-U.S. Financial Cooperation after the Global Financial Crisis:In the Perspective of the U.S. Exchange Rate Politics

本文认为,美国的汇率政治在客观上推动了中美"战略与经济对话"这一机制的建立;而这一对话机制则为两国之间开展金融合作提供了平台。虽然特朗普政府对人民币汇率问题的态度受到美国汇率政治的制约,但是人民币汇率机制的市场化改革有效地抑制了美国的汇率政治对中国的施压。更为重要的是,中美两国政府在人民币汇率问题上的合作是进一步推动双边金融合作的重要契机。中美两国政府应该抓住这一重要的历史机遇,达成双边货币互换协议以及进一步开放金融市场准入,以在微观层面上扩大双边金融合作的市场基础。从长远来看,中美金融合作的实质性进展也将是抑制美国汇率政治的有效方式。

This article suggests that the U.S. exchange rate politics objectively drove the establishment of U.S.-China Strategic and Economic Dialogue, providing a platform for financial cooperation between the two countries. Although the attitude of Trump government towards the issue of RMB exchange rate is still restricted by the U.S. exchange rate politics, the market-oriented reform of RMB exchange rate still effectively restrained the political pressures on China. More importantly, the collaboration of the two countries on the issue of RMB exchange rate is an important opportune moment to further financial cooperation. Both China and the United States should grasp this great historic opportunity, by setting up currency swap agreement and further opening the financial sector, to consolidate the market basis of bilateral financial cooperation at the micro level. In the long term, the substantial progress of Sino-U.S. financial cooperation will also be an effective way to suppress the U.S. exchange rate politics.