伯南克将就盈余问题向中国发起攻击 Bernanke to rap China on surplus

来源:百度文库 编辑:神马文学网 时间:2024/03/29 18:43:02
伯南克将就盈余问题向中国发起攻击Bernanke to rap China on surplus
英国《金融时报》罗宾•哈丁 华盛顿报道
China and other developing countries should act to reduce their current account surpluses, US Federal Reserve chairman Ben Bernanke is to say in a firm rebuff to complaints that the Fed is manipulating the dollar.
美联储(Fed)主席本•伯南克(Ben Bernanke)将对美联储操纵美元的指控进行强有力的反驳。他将辩称,中国及其它发展中国家应该采取行动,削减自己的经常账户盈余。
“The current international monetary system is not working as well as it should,” Mr Bernanke will say, according to the text of a speech to be delivered at a European Central Bank conference on Friday morning. “Currency undervaluation by surplus countries is inhibiting needed international adjustment and creating spillover effects that would not exist if exchange rates better reflected market fundamentals.”
根据伯南克将于周五早间在欧洲央行(ECB)会议上发表的演讲词显示,伯南克将表示:“当前的国际货币体系没有发挥出应有的作用。盈余国家的货币低估抑制了必要的国际调整,造成了溢出效应。如果汇率能更好地反映市场基本面,这种效应应该不会存在。”
Mr Bernanke’s speech is a robust defence of the Fed’s new $600bn round of asset purchases in the face of international criticism. He argues that the Fed’s policy will help to rebalance global demand, boost the world economy by strengthening US growth, and reduce the risk that the US sees “millions of workers unemployed or underemployed for many years”.
面对国际社会的批评,伯南克的演讲是对美联储6000亿美元新一轮资产购买方案的有力辩护。他提出,美联储的政策将有助于推动全球需求恢复平衡,通过巩固美国的增长提振世界经济,降低美国出现“数百万名工人多年失业或半失业”的风险。
Fed asset purchases tend to weaken the dollar, leading to a chorus of complaints by countries from Germany to Brazil, which either fear damage to their own exports or an influx of capital that leads to asset price bubbles.
美联储的资产购买可能会压低美元,因而招致了从德国到巴西等一系列国家的齐声抱怨。这些国家要么担心本国出口受损,要么担心大量资本涌入引发资产价格泡沫。
But Mr Bernanke says that the blame lies with countries such as China that have undervalued their currencies in pursuit of export-led growth. He observes that in spite of rapid growth in developing countries but weak growth in the US, “total capital, on net, is still flowing from relatively labour-abundant emerging market economies to capital-abundant advanced economies”.
但伯南克表示,责任在于中国等为了追求出口导向型增长而低估本国货币的国家。他表示,尽管发展中国家增长迅速而美国增长疲软,但“总体而言,资本仍然在从劳动力相对丰富的新兴市场经济体流向资本充裕的发达经济体。”
He argues that the strategy of currency undervaluation is bad for the world and may also be bad for the countries that use it for three reasons. First, he says that if growth in developed countries does not recover, the result may be “slow growth for everyone” rather than continued growth in the developing world.
伯南克辩称,汇率低估策略对全球不利,可能也不利于使用该策略的国家,原因有三点:第一,如果发达国家不恢复增长,结果可能就会是“所有国家都增长缓慢”,而不是发展中国家持续增长。
Second, he argues that currency undervaluation in some developing countries is particularly bad for rivals that let the market set their exchange rate, because they are forced to bear a bigger share of adjustment costs. Countries such as Brazil and Turkey are suffering this problem.
第二,一些发展中国家的汇率低估尤其不利于由市场确定汇率的竞争对手,因为后者将被迫承担更大份额的调整成本。巴西和土耳其等国就遇到了这个问题。
Third, he says that countries with undervalued currencies may struggle to manage their own economies, suffer costs from the high level of foreign exchange reserves that they accumulate, and defeat the purpose of economic growth if they do not allow higher consumption at home.
第三,如果不让内需扩大,汇率低估国可能将难以管理本国经济,要忍受自己累积的巨额外汇储备带来的成本,而且无法实现经济增长的目标。
“In particular, for large, systemically important countries with persistent current account surpluses, the pursuit of export-led growth cannot ultimately succeed if the implications of that strategy for global growth and stability are not taken into account,” he says.
伯南克表示:“特别是,对于那些长期持有经常账户盈余、具有系统重要性的大国,如果不将汇率低估策略对全球增长和稳定的影响纳入考虑之中,它们所追求的出口驱动型增长最终就不可能取得成功。”
Mr Bernanke calls for greater exchange rate flexibility in the long run but acknowledges that it cannot be achieved overnight. Instead, he calls on surplus countries to stimulate domestic demand while countries such as the US act to reduce their deficits, and hints that if they did so, the US might not need such easy monetary policy.
伯南克呼吁最终提高汇率的灵活性,但他承认,这不可能一蹴而就。相反,他呼吁盈余国家刺激内需,同时美国等国家采取行动削减赤字。他还暗示,如果它们这样做,美国也许就不需要此类宽松的货币政策。