Paul Lachine

China muss in der Währungsfrage Verantwortung übernehmen

WASHINGTON, D.C.: Ich teile die wachsende weltweite Sorge über die mangelhafte Währungsharmonisierung. Brasiliens Finanzminister hat diesbezüglich von einem latenten Währungskrieg gesprochen, und er hat damit gar nicht so unrecht: Die Devisenmärkte sind der Ort, wo unterschiedliche wirtschaftliche und politische Systeme miteinander interagieren und kollidieren.

Das derzeitige Wechselkurssystem ist in der Schieflage. China hat seine Währung im wesentlichen an den Dollar gebunden, während die meisten anderen Währungen mehr oder weniger frei fluktuieren. Während die meisten anderen Länder nicht zwischen Leistungs- und Kapitalbilanz unterscheiden, hat China ein zweistufiges System, in dem die Kapitalbilanz streng kontrolliert wird. Dies führt zur chronischen Unterbewertung des Renminbi und gewährleistet China einen dauerhaften großen Handelsüberschuss.

Am wichtigsten aber ist, dass dieses Arrangement es der chinesischen Regierung erlaubt, sich eine wesentliche Scheibe vom Wert der chinesischen Exporte abzuschneiden, ohne in die Anreize einzugreifen, die die Menschen so hart arbeiten lassen und ihre Arbeit so produktiv machen. Es hat denselben Effekt wie eine Steuer, funktioniert aber viel besser.

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