Paul Lachine

Разыскивается: лидерство Китая по валютному вопросу

ВАШИНГТОН, округ Колумбия. Я разделяю растущее беспокойство во всем мире о перекосе курсов валют. Министр финансов Бразилии говорит о скрытой войне валют, и он не далек от истины: именно на валютных рынках взаимодействуют и сталкиваются различные экономические политики, а также различные экономические и политические системы.

Преобладающая система обменных курсов является однобокой. Китай, по сути, привязал свою валюту к доллару, в то время как большинство других валют колеблются более или менее свободно. Китай имеет двухуровневую систему, в которой счет капитала строго контролируется; большинство других валют не делают различий между текущим и капитальным счетом. Это делает юань хронически недооцененным и обеспечивает Китаю стойкое большое активное сальдо торгового баланса.

Важнее то, что этот механизм позволяет китайскому правительству получать значительный фрагмент от стоимости китайского экспорта, не мешая стимулам, которые заставляют людей так много работать и делают их труд настолько продуктивным. Он оказывает такой же эффект, как налогообложение, но он работает намного лучше.

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