人民币价值悖论与中国央行的货币政策选择

2005年以来,人民币出现了对外升值和对内贬值并存的现象。随着我国经济持续快速增长,外汇储备屡创新高,人民币对外升值的压力持续增大。与此同时,人民币在国内按购买力计算的对内价值趋于下降,主要表现为国内逐渐面临着通货膨胀的压力。本文主要从理论上来分析论证这一现象出现的原因、金融内在的机理以及相应的政策建议。

Dilemma of RMB Value and the Monetary Policy Choice of PBC

Since 2005,the phenomenon of the RMB exchange rate appreciation and depreciation of the intrinsic value of the RMB coexist.With the sustained and rapid economic growth in China,foreign exchange reserves hit record highs,the RMB appreciation pressure continues to increase;At the same time,the RMB＇s intrinsic value measured by purchasing power tends to decrease,mainly revealed for domestic inflation.This paper analyzes theoretically to the causes and the financial mechanism of this phenomenon,and makes the policy recommendations.