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过去8年,中国的货币量涨了4倍,中国的高速工业化驱动着名义经济总量涨了2倍,高估的土地和房地产像海绵一样吸湿着溢出的货币量。现在海绵已经饱和,一旦海绵不再吸水,甚至往外一泻而出(资产价格的下行),人民币贬值将不可避免。中国应该怎么做?
Over the past eight years, China’s currency has risen four-fold. China’s rapid industrialization has driven the nominal economy to triple. Aggregate land and real estate have absorbed the spilled amount of money like sponges. Now that the sponge is already saturated, the devaluation of the renminbi will inevitably occur once the sponge is no longer water-absorbing or even outbound (asset prices down). What should China do?