什么样的贬值不是竞争性贬值

What Kind of Devaluation Is Not a Competitive Devaluation?

美国财政部将中国纳入汇率操纵国,但汇率自由浮动国的汇率波动往往是比较剧烈的,文章就此引出什么样的贬值不属于“竞争性贬值”这一问题。文章分析指出,为稳定内需所作的逆周期调节而造成的汇率贬值不是“竞争性贬值”;我国当前汇率基本处在合理区间内;如果汇率短期波动致使估值超出了合理范围,为防止汇率过度波动影响而采取的操作并不能被认定为“汇率操纵”。

The U.S.Treasury Department has designated China as a currency manipulator.However,the exchange ratefluctuations in countries with free-floating currencies tend to be more violent.The article thus raises a question:whatkind of devaluation is not a"competitive devaluation"?The article points out that the currency depreciation caused bythe countercyclical policy for stabilizing domestic demand is not a“competitive devaluation”;China’s current exchangerate is within a reasonable range;if the short-term fluctuation causes the currency to exceed the reasonable range,the measures taken to prevent the excessive fluctuation of the currency cannot be considered as“exchange ratemanipulation”.