Fan made in China.

美国货币政策是中国制造吗?

阿姆斯特丹—在今年大部分时间里,投资者一直关注着美联储何时“升空”——即何时将利率提高25个基点(或0.25%),作为迈向货币条件正常化的第一步。市场因为美联储声明中的微小变化而波动,将这种措辞的变化视为即将“升空”的可能性的影响因素。

但是,在寻找美国货币条件变化迹象方面,投资者们找错了目标。自8月中旬以来,中国决策者让人民币贬值2%,震惊了市场。为了防止货币进一步贬值,中国官方外汇市场干预还在继续。中国当局一直在出售外汇储备(主要是美国国债),买入人民币。

这与中国在人民币强势期间的做法正好相反。那时,中国买入美国国债,阻止人民币升值和影响其竞争力。结果,中国积累了令人咋舌的4万亿美元外汇储备。

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