Quantitative easing e renminbi

CAMBRIDGE – La politica di quantitative easing, o allentamento monetario, attuata dalla Federal Reserve americana sta svalutando il dollaro rispetto alle altre valute che hanno tassi di cambio fluttuanti. Ma in che modo la nuova manovra della Fed impatta su uno dei più importanti tassi di cambio – ossia il tasso del renminbi rispetto al dollaro e alle altre monete?

L’effetto del quantitative easing sui tassi di cambio del dollaro verso le valute a tasso fluttuante è un’azione prevista dalla Fed per aumentare la liquidità in dollari. L’ondata di biglietti verdi sta abbassando il valore del dollaro rispetto a tali valute, il cui volume è rimasto costante ed è cresciuto più lentamente.

L’obiettivo della Fed potrebbe essere quello di stimolare l’attività domestica negli Stati Uniti e di ridurre il rischio di deflazione. Eppure, intenzionale o meno, la massiccia liquidità di dollari incide anche sul valore internazionale del dollaro. Gli investitori americani che vendono bond alla Fed cercheranno di diversificare i dollari ottenuti dalla vendita, ad esempio acquistando bond e titoli esteri, in modo tale da spingere al rialzo il valore di quelle valute.

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