货币升值

同时，外汇储备的迅速增长带来的通胀压力、货币升值预期、货币政策灵活性下降等负面影响如何缓解，是当前迫切需要解决的问题。

Meanwhile , how to relieve the negative impacts resulted from the rapid increase of the reserve , such as the pressure of inflation , the anticipation of revaluation and the decline of agility of the currency policy , is a demanding issue to be handled .

自美联储（FederalReserve）9月份宣布实行最新一轮量化宽松以来，投资者对亚洲资产的偏好大幅上升，推动该地区新兴市场货币升值。

Investor appetite for Asian assets has risen sharply since the Federal Reserve announced its latest round of quantitative easing in September , prompting currency appreciation in emerging markets across the region .

享有贸易顺差的国家不会面临货币升值的压力。

Countries enjoying surpluses will be under no pressure to revalue their currencies .

imf表示，许多新兴市场必须提高利率，削减政府赤字，并加大货币升值步伐，以抑制通胀风险。

Many emerging markets had to raise interest rates , cut government deficits and let currencies appreciate more to contain the inflation risk , the IMF said .

持续盈余的国家，本国货币升值，只要IMF同意，国际收支中的“根本性失衡”。

And countries with persistent surpluses could revalue their currency , as long as the IMF agreed that the balance of payments were in " fundamental disequilibria " .

imf表示，资本控制可以抑制货币升值和资产泡沫的形成，但代价是降低经济效率和阻碍金融市场的发展。

The IMF says that controls can reduce currency appreciation and the formation of asset bubbles , but at the cost of reduced economic efficiency and development of financial markets .

此番阻止亚洲货币升值的举动将为某些人提供弹药，这些人警告称，旨在推动全球经济强劲、均衡增长的G20框架软弱无力。

The moves to limit Asian currency appreciation will provide ammunition to those who warn that the new Group of 20 framework for strong and balanced growth is toothless .

就在这周，当一种少有的关于美元贬值使货币升值的论调出现时，美联储主席BenBernanke阐述了联储其影响。

Just this week Ben Bernanke , its chairman , demonstrated its influence when a rare comment on the dollar 's weakness sent the currency soaring ( see article ) .

这个升值幅度可能不大，但是与此同时，美元自身对华尔街日报美元指数（theWallStreetJournalDollarindex）中七个发达国家的一篮子货币升值了1.6%，并且对日圆大幅升值近4%。

The gain might not seem much , but it coincided with the dollar 's own 1.6 % increase versus the basket of seven advanced-country currencies that comprise the Wall Street Journal Dollar index and an almost-4 % surge versus the yen .

美联储（Fed）推出的新一轮定量宽松举措，将加剧这些资本向新兴市场的流入，巴西、南非、土耳其和印度等国已经同时面临着货币升值和经常账户赤字不断扩大的局面。

The new round of quantitative easing by the US Federal Reserve will amplify these capital flows to emerging markets , with some such as Brazil , South Africa , Turkey and India already facing not only currency appreciation but also widening current account deficits .

麻省理工学院（mit）的克莉丝汀福布斯（kristinforbes）表示，以往资本管控的经历，表明其效果好坏参半，对于资本流入规模或货币升值没有重大影响。

Kristin Forbes at the Massachusetts Institute of technology says that evidence from previous experiments with controls is mixed , with no significant impact on the volume of capital inflows or currency appreciation .

imf的约翰逊表示，大量的资本流入正推动亚洲、中欧、拉美和非洲新兴经济体的货币升值，带来了短期的经济繁荣局面，但如果照此趋势继续发展下去，就很可能造成经济衰退。

Mr Johnson at the IMF says a flood of capital inflows is pushing up the currencies of emerging economies in Asia , Central Europe , Latin America and Africa creating short-run economic good times but high chances of a bust further along the road .

佐利克在新加坡举行的亚太经合组织（APEC）峰会间歇表示：东亚的银行传统上会追随美联储（Fed），因为如果它们（独自）提高利率，将会吸引资本流入，从而导致它们的货币升值。

Mr Zoellick said on the margins of the Asia-Pacific Economic Co-operation summit in Singapore : Traditionally the central banks in east Asia will follow the [ US ] Federal Reserve because if they raise interest rates [ independently ] , that will draw capital and appreciate their currencies .

具有讽刺意味的是，在中国，鉴于国际社会表现得对人民币的升值步伐已失去耐心，相信人民币将对其它国际货币升值的想法，加强了市场本就对新QDII基金采取的谨慎态度。

Ironically , in China , given the impatience shown internationally over the pace of renminbi appreciation , a belief that the currency would appreciate against other international currencies reinforced an already cautious approach to the new QDII funds .

比如，法国农业信贷银行经济学家达瑞兹·科瓦茨（DariuszKowalczyk）宣称，（由于国际油价和其他商品价格接近历史新高），决策者已经发出明确信号，将会利用货币升值来应对输入性通胀。

Policymakers have sent a clear message that currency appreciation will be used as a tool to counter imported inflation [ due to near-record global prices for oil and other commodities ] .

但是从长远来看，货币升值是可取的。

But in the long term , currency appreciation is welcome .

货币升值有时候对我们的公司没有好处。

Upward revaluation of currency is sometimes disbenefit to our company .

大型新兴经济体也可以允许货币升值。

And the big emerging economies could allow their currencies to rise .

中国货币升值和通胀间的真实关系

The Real Relation Between China 's Rising Currency and Inflation

有深思熟虑的意图和一定程度的计划。新西兰人忧虑本国货币升值过度。

Characterized by deliberate purpose and some degree of planning .

但是货币升值会是一个良好的开局。

But a stronger currency would be a good start .

唯一两个真正的选择是资本控制和货币升值。

The only two real options are capital controls and currency appreciation .

跨境接管也增加了货币升值的压力。

Cross-border takeovers are also putting upward pressure on currencies .

要洞察货币升值的负面影响更不容易。

Discerning the negative impact of currency appreciation is trickier .

如今，令它们烦恼的是资本流入和货币升值。

Today they fret about excessive inflows and strengthening currencies .

理论上，货币升值可推动贸易趋向均衡。

In theory , higher exchange rates can force trade into balance .

但这还没有考虑到货币升值的因素。

But that is before factoring in currency appreciation .

印度和澳大利亚本周均在本国货币升值的情况下提高了利率。

Both India and Australia raised interest rates this week despite rising currencies .

即便这些国家的货币升值，上述改革也将有助于提高它们的竞争力。

These reforms will help them to compete even if their currencies appreciate .

货币升值的后果&基于中国经济特征事实的理论框架

The Consequences of Currency Appreciation : A Theoretical Model Based on Chinese Stylized Facts