SE问答：为什么中国认为资本管制是独立、主权货币政策的必要条件？
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Sayaman
Even though China appears keen to upset the global dominance of the US, it only wants to do so on Beijing's terms, says Rory Green, the chief China economist at London-based consultancy TS Lombard.
The People's Bank of China has moved cautiously over the past decade to promote greater use of yuan without disrupting financial security and it's unlikely to upset that dynamic now, Green wrote in a note on April 28.
This stability is maintained through the use of capital controls — a grip on how much foreign money can move in and out of China's economy, which in turn influences the foreign currency exchange rate.
Beijing's policy has typically leaned toward having such controls, as it considers them prerequisites for an independent, sovereign monetary policy, wrote Green.
伦敦咨询公司TS Lombard首席中国经济学家罗里格林表示，虽然中国似乎热衷于颠覆美国的全球主导地位，但它只想按照北京方面的条件行事。
格林在4月28日的一份报告中写道：过去十年，中国人民银行在不破坏金融安全的情况下，谨慎地推动人民币的更大范围使用，现在不太可能打破这种动态。
人民币的这种稳定性是通过资本管制来维持的，资本管制是指控制有多少外国资金可以流入和流出中国经济，进而影响外汇汇率。
格林还表示，北京的政策通常倾向于进行这种控制，因为中国认为这是独立、主权货币政策的先决条件。
Even though China appears keen to upset the global dominance of the US, it only wants to do so on Beijing's terms, says Rory Green, the chief China economist at London-based consultancy TS Lombard.
The People's Bank of China has moved cautiously over the past decade to promote greater use of yuan without disrupting financial security and it's unlikely to upset that dynamic now, Green wrote in a note on April 28.
This stability is maintained through the use of capital controls — a grip on how much foreign money can move in and out of China's economy, which in turn influences the foreign currency exchange rate.
Beijing's policy has typically leaned toward having such controls, as it considers them prerequisites for an independent, sovereign monetary policy, wrote Green.
伦敦咨询公司TS Lombard首席中国经济学家罗里格林表示，虽然中国似乎热衷于颠覆美国的全球主导地位，但它只想按照北京方面的条件行事。
格林在4月28日的一份报告中写道：过去十年，中国人民银行在不破坏金融安全的情况下，谨慎地推动人民币的更大范围使用，现在不太可能打破这种动态。
人民币的这种稳定性是通过资本管制来维持的，资本管制是指控制有多少外国资金可以流入和流出中国经济，进而影响外汇汇率。
格林还表示，北京的政策通常倾向于进行这种控制，因为中国认为这是独立、主权货币政策的先决条件。
Because of these controls, "Beijing can never fully liberalize its current account, but it can still pursue RMB internationalization," Green added, referring to the yuan by its official name, the renminbi.
Rather than pushing for the yuan to become the dominant global reserve currency, Beijing is likely to pursue its sphere of currency influence among countries it trades with actively. It's likely to focus on breaking up US dollar dominance in parts of the world instead, Green told Insider.
But there could be some wiggle room on Beijing's position.
"There's always been the option in China to change capital controls. Except, for Beijing, the question has been whether the global environment would support this — are there enough nations who will adopt yuan?" Abishur Prakash, the CEO of The Geopolitical Business, a Toronto-based advisory firm, told Insider.
"Today, the answer is yes, as many nations have already signed on to using yuan, giving China the signal it needs to change gears," he added.
由于这些控制，“北京永远无法完全放开金融账户，但它仍然可以追求人民币国际化，”格林补充道，他指的元的官方名称是人民币。
北京不会推动人民币成为占主导地位的全球储备货币，而是可能在与中国有积极贸易往来的国家中追求其货币影响范围。所以，中国可能会专注于打破美元在世界部分地区的主导地位，格林告诉Insider。
但北京的立场可能还有一些回旋余地。
“中国一直有改变资本管制的尝试。除此之外，对于北京来说，问题是全球环境是否会支持这一点——是否有足够多的国家将采用人民币？”总部位于多伦多的咨询公司，地缘政治商业的首席执行官阿比舒尔·普拉卡什告诉Insider（《内幕报》）。
随后他又补充：“今天，答案是肯定的，因为许多国家已经同意使用人民币，这给了中国需要改变的信号。”
Rather than pushing for the yuan to become the dominant global reserve currency, Beijing is likely to pursue its sphere of currency influence among countries it trades with actively. It's likely to focus on breaking up US dollar dominance in parts of the world instead, Green told Insider.
But there could be some wiggle room on Beijing's position.
"There's always been the option in China to change capital controls. Except, for Beijing, the question has been whether the global environment would support this — are there enough nations who will adopt yuan?" Abishur Prakash, the CEO of The Geopolitical Business, a Toronto-based advisory firm, told Insider.
"Today, the answer is yes, as many nations have already signed on to using yuan, giving China the signal it needs to change gears," he added.
由于这些控制，“北京永远无法完全放开金融账户，但它仍然可以追求人民币国际化，”格林补充道，他指的元的官方名称是人民币。
北京不会推动人民币成为占主导地位的全球储备货币，而是可能在与中国有积极贸易往来的国家中追求其货币影响范围。所以，中国可能会专注于打破美元在世界部分地区的主导地位，格林告诉Insider。
但北京的立场可能还有一些回旋余地。
“中国一直有改变资本管制的尝试。除此之外，对于北京来说，问题是全球环境是否会支持这一点——是否有足够多的国家将采用人民币？”总部位于多伦多的咨询公司，地缘政治商业的首席执行官阿比舒尔·普拉卡什告诉Insider（《内幕报》）。
随后他又补充：“今天，答案是肯定的，因为许多国家已经同意使用人民币，这给了中国需要改变的信号。”
Why does China consider capital control necessary for an independent, sovereign monetary policy? Does the U.S. also consider capital control necessary for an independent and sovereign monetary policy? Because I am thinking that the U.S. does not see it that way as they mostly or only considers their own economy when implementing their monetary policy. I might be wrong about this, but certain monetary policies in the past had adverse effects on certain countries and as far as I am aware the U.S. Central Bank has to serve the American public interest primarily. Is there a reason for this discrepancy in views?
因为上面的报道，我很好奇，为什么中国认为资本管制是独立、主权货币政策的必要条件？美国是否也认为资本管制是独立和主权货币政策的必要条件？因为我认为美国并不这么认为，因为他们在实施货币政策时大多或只考虑自己的经济。在这一点上，我可能是错误的，但过去的某些货币政策对某些国家产生了负面影响，据我所知，美国央行必须首先为美国公众利益服务。中美两国这种观点上的差异有什么原因吗？
因为上面的报道，我很好奇，为什么中国认为资本管制是独立、主权货币政策的必要条件？美国是否也认为资本管制是独立和主权货币政策的必要条件？因为我认为美国并不这么认为，因为他们在实施货币政策时大多或只考虑自己的经济。在这一点上，我可能是错误的，但过去的某些货币政策对某些国家产生了负面影响，据我所知，美国央行必须首先为美国公众利益服务。中美两国这种观点上的差异有什么原因吗？
Italian Philosophers 4 Monica
Could you elaborate on the forms of capital control they use? Foreign investment limits? Controlled exchange rates? Earnings repatriation limits? Those may have different aims, as well as different ideological underpinnings. Also, they are experiencing some economic upheavals right now, so expect liberalization to proceed slowly, unless it is seen as a solution to those issues. And... "liberalization" rarely seems to be the answer to anything in China.
你能详细说明他们使用的资本控制形式吗？外国投资限额？受控汇率？收入汇回限额？这些可能都有不同的目标，以及不同的意识形态基础。此外，中国正在经历一些经济动荡，所以预计自由化将缓慢进行，除非自由化金融被中国视为这些问题的解决方案。不过……在中国，“自由化”似乎很少能解决任何问题。
Could you elaborate on the forms of capital control they use? Foreign investment limits? Controlled exchange rates? Earnings repatriation limits? Those may have different aims, as well as different ideological underpinnings. Also, they are experiencing some economic upheavals right now, so expect liberalization to proceed slowly, unless it is seen as a solution to those issues. And... "liberalization" rarely seems to be the answer to anything in China.
你能详细说明他们使用的资本控制形式吗？外国投资限额？受控汇率？收入汇回限额？这些可能都有不同的目标，以及不同的意识形态基础。此外，中国正在经历一些经济动荡，所以预计自由化将缓慢进行，除非自由化金融被中国视为这些问题的解决方案。不过……在中国，“自由化”似乎很少能解决任何问题。
IMil
This question accepts the statement as factual, but it's not an official statement by Chinese authorities, just an opinion of some analytics.
这个问题本身就已经认为中国认为资本管制是独立、主权货币政策的必要条件实，但这不是中国当局的官方声明，只是一些分析的意见。
This question accepts the statement as factual, but it's not an official statement by Chinese authorities, just an opinion of some analytics.
这个问题本身就已经认为中国认为资本管制是独立、主权货币政策的必要条件实，但这不是中国当局的官方声明，只是一些分析的意见。
Robbie Goodwin
I don't doubt China is keen to upset the dominance of the US. I do wonder how and why China might want to do that on anything other than Beijing's terms. Isn't the main point that China wants the world run on Beijing's terms? Who cares, why not compare China today to the early years of Britain's Honourable East India Company?
我不怀疑中国渴望颠覆美国在金融上的主导地位。我真的很想知道，除了北京的条件之外，中国会如何以及为什么想要这样做。主要的一点不就是中国希望世界按照北京的条件运行吗？但谁在乎呢？为什么不把今天的中国与英国尊贵的东印度公司的早期相比呢？
I don't doubt China is keen to upset the dominance of the US. I do wonder how and why China might want to do that on anything other than Beijing's terms. Isn't the main point that China wants the world run on Beijing's terms? Who cares, why not compare China today to the early years of Britain's Honourable East India Company?
我不怀疑中国渴望颠覆美国在金融上的主导地位。我真的很想知道，除了北京的条件之外，中国会如何以及为什么想要这样做。主要的一点不就是中国希望世界按照北京的条件运行吗？但谁在乎呢？为什么不把今天的中国与英国尊贵的东印度公司的早期相比呢？
got trolled too much this week
You're asking a lot of questions in the last para. I'm not sure which is the real one. The title Q is trivial: China officially still sees itself on the path to Communism (and with a good dose of nationalism added). Giving Western liberal (in the economic sense) capitalists too much power over the Chinese economy is clearly not in the Chinese leadership's plan [to their version of Communism].
你在最后一段问了很多问题。我不确定哪个是真的。标题的问题微不足道：中国官方仍然认为自己走在通往共产主义的道路上(并加入了大量的民族主义)。给西方自由(经济意义上的)资本家太多权力来控制中国经济，显然不在中国领导层的计划中(对他们的共产主义版本来说)。
You're asking a lot of questions in the last para. I'm not sure which is the real one. The title Q is trivial: China officially still sees itself on the path to Communism (and with a good dose of nationalism added). Giving Western liberal (in the economic sense) capitalists too much power over the Chinese economy is clearly not in the Chinese leadership's plan [to their version of Communism].
你在最后一段问了很多问题。我不确定哪个是真的。标题的问题微不足道：中国官方仍然认为自己走在通往共产主义的道路上(并加入了大量的民族主义)。给西方自由(经济意义上的)资本家太多权力来控制中国经济，显然不在中国领导层的计划中(对他们的共产主义版本来说)。
Steve
The issue is not just that capital controls are necessary for sovereign monetary policy, but that border controls on the movement of all economic factors are necessary to impose a sovereign economic policy upon a market.
I should add as well that the presence of actual restrictions are not always necessary for control. The mere willingness of the state to impose restrictions is capable of exerting control on certain kinds of activity.
China has always had a policy of state supervision of the economy. It also has a policy of building industrial capacity, maximum national self-sufficiency, and maximum completeness of supply chains.
Control of currency exchange rates and capital movements are merely one facet of this general approach.
问题不仅在于资本管制是主权货币政策的必要条件，还在于对所有经济要素流动的边境管制，是将主权经济政策强加于市场的必要条件。
我还应该补充一点，实际限制的存在并不总是控制所必需的。但只要是国家施加限制的意愿，就必定能够对某些类型的活动施加控制。
中国一直实行国家监管经济的政策，他们还有一项建设工业能力、最大限度实现国家自给自足和最大限度完善供应链的政策。
对货币汇率和资本流动的控制，只是这个总方针里面的一个方面。
The issue is not just that capital controls are necessary for sovereign monetary policy, but that border controls on the movement of all economic factors are necessary to impose a sovereign economic policy upon a market.
I should add as well that the presence of actual restrictions are not always necessary for control. The mere willingness of the state to impose restrictions is capable of exerting control on certain kinds of activity.
China has always had a policy of state supervision of the economy. It also has a policy of building industrial capacity, maximum national self-sufficiency, and maximum completeness of supply chains.
Control of currency exchange rates and capital movements are merely one facet of this general approach.
问题不仅在于资本管制是主权货币政策的必要条件，还在于对所有经济要素流动的边境管制，是将主权经济政策强加于市场的必要条件。
我还应该补充一点，实际限制的存在并不总是控制所必需的。但只要是国家施加限制的意愿，就必定能够对某些类型的活动施加控制。
中国一直实行国家监管经济的政策，他们还有一项建设工业能力、最大限度实现国家自给自足和最大限度完善供应链的政策。
对货币汇率和资本流动的控制，只是这个总方针里面的一个方面。
The US did once have capital and currency controls. It was part of the "Bretton Woods" system of state economic management across the capitalist world in the aftermath of WW2. This system collapsed in 1971 when the US withdrew the dollar from the "gold standard" (i.e. ended the promise that dollars could be exchanged for a fixed amount of gold).
Coincidentally, or perhaps not so much, the 70s are the era during which Western economies began to deindustrialise and workers began to suffer. Essentially, the lifting of economic controls allowed Western capitalists to relocate production to places like China, which at the time were low-wage.
The UK lifted capital controls in 1979, and (due to this, and possibly other economic liberalisations) thereafter followed an immediate collapse in industrial capacity and economic activity, as well as a deep recession in 1981 which is still unmatched in severity by any recession since WW2.
China maintains the controls which the West abandoned, precisely so as not to suffer the same fate and economic weakening, and to ensure that the benefit it gained as a low-wage economy in the past, is retained as it moves into being a higher-wage, more powerful economy.
而且美国也确实曾经有过资本和货币管制。国家管控是二战后资本主义世界“布雷顿森林”国家经济管理体系的一部分。这个体系在1971年崩溃，当时美国取消了美元的“金本位制”(即终止了美元可以兑换固定数量黄金的承诺)。
巧合的是，也可能没那么巧，70年代是西方经济体开始去工业化、工人开始受苦的时期。从本质上讲，经济控制的解除使得西方资本家可以将生产转移到像中国这样的地方，而这些地方在当时是低工资的环境。
英国随后在1979年取消了资本管制，此后(由于这一点，可能还有其他经济自由化)，工业产能和经济活动立即崩溃，1981年出现严重衰退，其严重程度至今仍是二战以来任何一次衰退都无法比拟的。
中国保留了西方放弃的控制，正是为了不遭受同样的命运和经济削弱，并确保在成为更高工资、更强大的经济体时，保留过去作为低工资经济体获得的利益。
Coincidentally, or perhaps not so much, the 70s are the era during which Western economies began to deindustrialise and workers began to suffer. Essentially, the lifting of economic controls allowed Western capitalists to relocate production to places like China, which at the time were low-wage.
The UK lifted capital controls in 1979, and (due to this, and possibly other economic liberalisations) thereafter followed an immediate collapse in industrial capacity and economic activity, as well as a deep recession in 1981 which is still unmatched in severity by any recession since WW2.
China maintains the controls which the West abandoned, precisely so as not to suffer the same fate and economic weakening, and to ensure that the benefit it gained as a low-wage economy in the past, is retained as it moves into being a higher-wage, more powerful economy.
而且美国也确实曾经有过资本和货币管制。国家管控是二战后资本主义世界“布雷顿森林”国家经济管理体系的一部分。这个体系在1971年崩溃，当时美国取消了美元的“金本位制”(即终止了美元可以兑换固定数量黄金的承诺)。
巧合的是，也可能没那么巧，70年代是西方经济体开始去工业化、工人开始受苦的时期。从本质上讲，经济控制的解除使得西方资本家可以将生产转移到像中国这样的地方，而这些地方在当时是低工资的环境。
英国随后在1979年取消了资本管制，此后(由于这一点，可能还有其他经济自由化)，工业产能和经济活动立即崩溃，1981年出现严重衰退，其严重程度至今仍是二战以来任何一次衰退都无法比拟的。
中国保留了西方放弃的控制，正是为了不遭受同样的命运和经济削弱，并确保在成为更高工资、更强大的经济体时，保留过去作为低工资经济体获得的利益。
user103496
This is simply an example of the well-known "impossible trinity or trilemma" from (international) economics.
Simple short version:
You can only pick two of these three:
Fixed exchange rate.
Free capital flows.
Freedom to set your own interest rates.
3 is sometimes referred to as "sovereign/independent monetary policy". But in my opinion, the word "sovereign" is a bit grand and overblown. (It's a bit like if we called a country's decision to use a particular voltage its "sovereign, independent electricity policy".) The use of the word "sovereign" (which usually has grander connotations) results in confusion such as here with OP and the other answers. All that's meant here is the freedom to set your own interest rates.
Most rich countries (including the US) choose 2 and 3 (and so give up on 1).
China chooses 1 and 3 (and so gives up on 2).
Singapore and Hong Kong choose 1 and 2 (and so give up on 3).
这只是(国际)经济学中众所周知的“不可能的三位一体或三难困境”的一个例子。
简单的简短版本：
你只能选择这三个中的两个:
固定汇率。
资本自由流动。
自由设定自己的利率。
3有时被称为“主权/独立货币政策”。但在我看来，“主权”这个词有点宏大，有些言过其实。(这有点像我们把一个国家使用特定电压的决定称为其“主权、独立的电力政策”。)使用“主权”一词(通常具有更大的含义)会导致混淆，例如这里的例子和其他答案。这里的意思是你可以自由设定自己的利率。
大多数富裕国家(包括美国)选择2和3(因此放弃1)。
中国选择1和3(因此放弃了2)。
新加坡和香港（特区）选择1和2(因此放弃3)。
原创翻译：龙腾网 https://www.ltaaa.cn 转载请注明出处
This is simply an example of the well-known "impossible trinity or trilemma" from (international) economics.
Simple short version:
You can only pick two of these three:
Fixed exchange rate.
Free capital flows.
Freedom to set your own interest rates.
3 is sometimes referred to as "sovereign/independent monetary policy". But in my opinion, the word "sovereign" is a bit grand and overblown. (It's a bit like if we called a country's decision to use a particular voltage its "sovereign, independent electricity policy".) The use of the word "sovereign" (which usually has grander connotations) results in confusion such as here with OP and the other answers. All that's meant here is the freedom to set your own interest rates.
Most rich countries (including the US) choose 2 and 3 (and so give up on 1).
China chooses 1 and 3 (and so gives up on 2).
Singapore and Hong Kong choose 1 and 2 (and so give up on 3).
这只是(国际)经济学中众所周知的“不可能的三位一体或三难困境”的一个例子。
简单的简短版本：
你只能选择这三个中的两个:
固定汇率。
资本自由流动。
自由设定自己的利率。
3有时被称为“主权/独立货币政策”。但在我看来，“主权”这个词有点宏大，有些言过其实。(这有点像我们把一个国家使用特定电压的决定称为其“主权、独立的电力政策”。)使用“主权”一词(通常具有更大的含义)会导致混淆，例如这里的例子和其他答案。这里的意思是你可以自由设定自己的利率。
大多数富裕国家(包括美国)选择2和3(因此放弃1)。
中国选择1和3(因此放弃了2)。
新加坡和香港（特区）选择1和2(因此放弃3)。
原创翻译：龙腾网 https://www.ltaaa.cn 转载请注明出处
Stack Exchange Supports Israel
Monetary policy means the amount of money in the system, which is set by interest rates (at least in the US system). Free control of interest rates is free control of the amount of money which is free monetary policy.
货币政策是指体系内的货币量，由利率决定(至少在美国体系内)。自由控制利率就是自由控制货币数量，这是自由的货币政策。
Monetary policy means the amount of money in the system, which is set by interest rates (at least in the US system). Free control of interest rates is free control of the amount of money which is free monetary policy.
货币政策是指体系内的货币量，由利率决定(至少在美国体系内)。自由控制利率就是自由控制货币数量，这是自由的货币政策。
user103496
Monetary policy means the amount of money in the system I would instead say that monetary policy is about how easy and cheap it is to borrow (and lend) money. Today, most countries (either explicitly or implicitly) use an inflation-targeting system. And, to achieve their inflation targets, they control interest rates. // Targeting and controlling the "amount of money" was tried in the 1980s (and advocated by Milton Friedman and his monetarist followers) but widely abandoned since 1990, because the "amount of money" is not easy to define, measure, or control.
一般的货币政策操控的都是系统中的货币数量。不过我一般会说，货币政策是关于借钱(和借钱)的容易程度和成本。如今，大多数国家(或明或暗)都使用通胀目标制。为了实现通胀目标，他们控制利率。以“货币数量”为目标并加以控制的做法在20世纪80年代曾被尝试过(并得到了米尔顿·弗里德曼及其货币主义追随者的支持)，但自1990年以来被广泛抛弃，因为“货币数量”并不容易定义、衡量或控制。
Monetary policy means the amount of money in the system I would instead say that monetary policy is about how easy and cheap it is to borrow (and lend) money. Today, most countries (either explicitly or implicitly) use an inflation-targeting system. And, to achieve their inflation targets, they control interest rates. // Targeting and controlling the "amount of money" was tried in the 1980s (and advocated by Milton Friedman and his monetarist followers) but widely abandoned since 1990, because the "amount of money" is not easy to define, measure, or control.
一般的货币政策操控的都是系统中的货币数量。不过我一般会说，货币政策是关于借钱(和借钱)的容易程度和成本。如今，大多数国家(或明或暗)都使用通胀目标制。为了实现通胀目标，他们控制利率。以“货币数量”为目标并加以控制的做法在20世纪80年代曾被尝试过(并得到了米尔顿·弗里德曼及其货币主义追随者的支持)，但自1990年以来被广泛抛弃，因为“货币数量”并不容易定义、衡量或控制。
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I wouldn't. That's just how western countries choose to control the amount of money in the system.
我不同意。因为西方国家就是这样选择控制系统内的货币量的。
I wouldn't. That's just how western countries choose to control the amount of money in the system.
我不同意。因为西方国家就是这样选择控制系统内的货币量的。
Stuart F
"Free control of interest rates" in the sense that if you set them too high or too low you'll tank the economy, even if there were no international capital flows. –
“自由控制利率”的意思是，如果你把利率定得太高或太低，你会搞垮经济，即使没有国际资本流动。
"Free control of interest rates" in the sense that if you set them too high or too low you'll tank the economy, even if there were no international capital flows. –
“自由控制利率”的意思是，如果你把利率定得太高或太低，你会搞垮经济，即使没有国际资本流动。
user47010
Question:
Why does China consider capital control necessary for an independent, sovereign monetary policy?
Short Answer:
Because it keeps their exports cheaper in foreign markets. They control capital to suppress the value of the yuan to foster huge trade surpluses to fuel the growth of their economy.
问题:
为什么中国认为资本管制是独立、主权货币政策的必要条件？
简短回答:
因为这使他们的出口商品在国外市场上更便宜。他们控制资本来抑制人民币的价值，以促进巨大的贸易顺差来推动他们的经济增长。
Question:
Why does China consider capital control necessary for an independent, sovereign monetary policy?
Short Answer:
Because it keeps their exports cheaper in foreign markets. They control capital to suppress the value of the yuan to foster huge trade surpluses to fuel the growth of their economy.
问题:
为什么中国认为资本管制是独立、主权货币政策的必要条件？
简短回答:
因为这使他们的出口商品在国外市场上更便宜。他们控制资本来抑制人民币的价值，以促进巨大的贸易顺差来推动他们的经济增长。
Answer:
It really is counter intuitive. They use currency in order to control the exchange rate. In order to keep the exchange rate stable, while running massive trade surpluses. So they can make more money, in order to foster growth and remain independent?
If China did not "peg" the yuan to western currencies by controlling hard currencies; the trade surplus would naturally cause the yuan to strengthen which would make their products cost more and force the surplus down.
认真回答：
这真的违背常识。他们使用货币来控制汇率。为了保持汇率稳定，同时保持巨额贸易顺差。这样他们就能赚更多的钱，以促进增长并保持独立？
如果中国没有通过控制硬通货将人民币与西方货币“挂钩”；贸易顺差自然会导致人民币升值，这将使他们的产品成本更高，并迫使顺差下降。
It really is counter intuitive. They use currency in order to control the exchange rate. In order to keep the exchange rate stable, while running massive trade surpluses. So they can make more money, in order to foster growth and remain independent?
If China did not "peg" the yuan to western currencies by controlling hard currencies; the trade surplus would naturally cause the yuan to strengthen which would make their products cost more and force the surplus down.
认真回答：
这真的违背常识。他们使用货币来控制汇率。为了保持汇率稳定，同时保持巨额贸易顺差。这样他们就能赚更多的钱，以促进增长并保持独立？
如果中国没有通过控制硬通货将人民币与西方货币“挂钩”；贸易顺差自然会导致人民币升值，这将使他们的产品成本更高，并迫使顺差下降。
This stability is maintained through the use of capital controls — a grip on how much foreign money can move in and out of China's economy, which in turn influences the foreign currency exchange rate.
It's a bit misleading. They don't control how much money flows into China by limiting investment or limiting exports . They control hard capital to influence the exchange rate by buying western currencies with the yuan to push the value of the yuan down while pushing the western currencies up. That's what they mean by "capital controls". They balance the market forces to give themselves an edge. Most advanced economies don't do this, it's a bit of a sore point that China does do it.
这种稳定性是通过资本管制来维持的，资本管制是指控制有多少外国资金可以流入和流出中国经济，进而影响外汇汇率。
这种答案有点误导人。他们不会通过限制投资或出口来控制流入中国的资金量。他们通过用人民币购买西方货币来控制硬资本以影响汇率，从而推动人民币贬值，同时推动西方货币升值。这就是他们所说的“资本管制”。他们平衡市场力量，给自己一个优势。大多数发达经济体不这样做，因为这么做会一点痛处，只有中国这样做。
It's a bit misleading. They don't control how much money flows into China by limiting investment or limiting exports . They control hard capital to influence the exchange rate by buying western currencies with the yuan to push the value of the yuan down while pushing the western currencies up. That's what they mean by "capital controls". They balance the market forces to give themselves an edge. Most advanced economies don't do this, it's a bit of a sore point that China does do it.
这种稳定性是通过资本管制来维持的，资本管制是指控制有多少外国资金可以流入和流出中国经济，进而影响外汇汇率。
这种答案有点误导人。他们不会通过限制投资或出口来控制流入中国的资金量。他们通过用人民币购买西方货币来控制硬资本以影响汇率，从而推动人民币贬值，同时推动西方货币升值。这就是他们所说的“资本管制”。他们平衡市场力量，给自己一个优势。大多数发达经济体不这样做，因为这么做会一点痛处，只有中国这样做。
Rather than pushing for the yuan to become the dominant global reserve currency, Beijing is likely to pursue its sphere of currency influence among countries it trades with actively. It's likely to focus on breaking up US dollar dominance in parts of the world instead, Green told Insider.
It's hard to take any talk of the Yuan becoming a reserve currency seriously given it's value is not set by the market but the result of Chinese currency manipulation. It's more of a long term goal I guess.
北京不会推动人民币成为占主导地位的全球储备货币，而是可能在与其有积极贸易往来的国家中追求其货币影响范围。相反，它可能会专注于打破美元在世界部分地区的主导地位……
回复上面这条：鉴于人民币的价值不是由市场决定的，而是中国操纵汇率的结果，很难认真对待人民币成为储备货币的任何说法。我想这更像是一个长期目标。
It's hard to take any talk of the Yuan becoming a reserve currency seriously given it's value is not set by the market but the result of Chinese currency manipulation. It's more of a long term goal I guess.
北京不会推动人民币成为占主导地位的全球储备货币，而是可能在与其有积极贸易往来的国家中追求其货币影响范围。相反，它可能会专注于打破美元在世界部分地区的主导地位……
回复上面这条：鉴于人民币的价值不是由市场决定的，而是中国操纵汇率的结果，很难认真对待人民币成为储备货币的任何说法。我想这更像是一个长期目标。
The net result for the west.
This is bad for the West as it creates economic instability over the short term. It's also good for the West because all that money must eventually come back to it's country of origin to achieve it's full value. In economics though short term instabilities can make for sever economic pain even though the big picture is brighter.
关于西方金融……
这种政策对西方不利，因为它会在短期内造成经济不稳定。当然，这对西方也有好处，因为所有的钱最终都必须回到它的来源国，以实现它的全部价值。然而，在经济学中，短期的不稳定可能导致严重的经济阵痛，尽管整体前景更加光明。
This is bad for the West as it creates economic instability over the short term. It's also good for the West because all that money must eventually come back to it's country of origin to achieve it's full value. In economics though short term instabilities can make for sever economic pain even though the big picture is brighter.
关于西方金融……
这种政策对西方不利，因为它会在短期内造成经济不稳定。当然，这对西方也有好处，因为所有的钱最终都必须回到它的来源国，以实现它的全部价值。然而，在经济学中，短期的不稳定可能导致严重的经济阵痛，尽管整体前景更加光明。
Why China's Currency Tangos With The USD
A cornerstone of China’s economic policy is managing the yuan exchange rate to benefit its exports. China does not have a floating exchange rate that is determined by market forces, as is the case with most advanced economies. ... The true value of the yuan is difficult to ascertain, and although various studies over the years suggest a wide range of undervaluation - from as low as 3% to as high as 50% - the general agreement is that the currency is substantially undervalued. By keeping the yuan at artificially low levels, China makes its exports more competitive in the global marketplace. China achieves this by pegging the yuan to the U.S. dollar at a daily reference rate set by the People’s Bank of China (PBOC) and allowing the currency to fluctuate within a fixed band (set at 1% as of January 2014) on either side of the reference rate. Because the yuan would appreciate significantly against the greenback if it were allowed to float freely, China caps its rise by buying dollars and selling yuan.
为什么中国的货币与美元挂钩？
中国经济政策的一个基石是管理人民币汇率以利于出口。与大多数发达经济体不同，中国没有由市场力量决定的浮动汇率……人民币的真实价值很难确定，尽管多年来的各种研究表明人民币被低估的幅度很大，从3%到50%都有可能，不过普遍的共识是人民币被大幅低估。但通过人为地将人民币保持在低水平，中国使其出口产品在全球市场上更具竞争力。中国实现这一目标的方法是，按照中国人民银行设定的每日参考汇率将人民币与美元挂钩，并允许人民币在参考汇率上下的固定区间内波动(2014年1月设定为1%)。因为如果允许自由浮动，人民币对美元将大幅升值，中国通过买入美元和卖出人民币来限制人民币升值。
A cornerstone of China’s economic policy is managing the yuan exchange rate to benefit its exports. China does not have a floating exchange rate that is determined by market forces, as is the case with most advanced economies. ... The true value of the yuan is difficult to ascertain, and although various studies over the years suggest a wide range of undervaluation - from as low as 3% to as high as 50% - the general agreement is that the currency is substantially undervalued. By keeping the yuan at artificially low levels, China makes its exports more competitive in the global marketplace. China achieves this by pegging the yuan to the U.S. dollar at a daily reference rate set by the People’s Bank of China (PBOC) and allowing the currency to fluctuate within a fixed band (set at 1% as of January 2014) on either side of the reference rate. Because the yuan would appreciate significantly against the greenback if it were allowed to float freely, China caps its rise by buying dollars and selling yuan.
为什么中国的货币与美元挂钩？
中国经济政策的一个基石是管理人民币汇率以利于出口。与大多数发达经济体不同，中国没有由市场力量决定的浮动汇率……人民币的真实价值很难确定，尽管多年来的各种研究表明人民币被低估的幅度很大，从3%到50%都有可能，不过普遍的共识是人民币被大幅低估。但通过人为地将人民币保持在低水平，中国使其出口产品在全球市场上更具竞争力。中国实现这一目标的方法是，按照中国人民银行设定的每日参考汇率将人民币与美元挂钩，并允许人民币在参考汇率上下的固定区间内波动(2014年1月设定为1%)。因为如果允许自由浮动，人民币对美元将大幅升值，中国通过买入美元和卖出人民币来限制人民币升值。
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