Paul Lachine

中国的不良债务人

发自北京——在金融危机爆发之前,外界对中国经济不平衡——表现为其财政与贸易的双盈余——的批判主要集中在资源的错误配置上,这种错配表现为穷国以高利率向富国借款之余又以低利率向富国贷款。而金融危机带给我们最大的讽刺就是目前的状况非但没有得到改善,反而更加恶化了。

事实上,当前中国的外汇储备正承受着三重冲击击:美元购买力下降,美国政府债券价格下滑以及在未来一段长时期内的通胀可能性。

中国持有2.3万亿的庞大外汇储备不是为了应付外部的冲击,而只是以美国国债的形式表现出来的储蓄。因此中国必须要让自身储蓄得以保值。

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