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尽管美联储如期加息,但是市场怀疑作为中央银行的美联储将不再按照以前的承诺逆周期操作,而是要配合政府去解决结构性问题,即贸易收支不平衡和“财政悬崖”。作为周期性调整政策,货币宽松政策应该退,但是为配合结构性优化,宽松政策不可以退。美国解决财政赤字的唯一办法,就是在贸易上寻找收入,增加税收,以弱势美元支持企业出口。中国要强调人民币贬值不是中国操纵人民币汇率的结果,积极倡导贸易自由化;开放市场,降低关税;在国内市场寻找机会。
Despite the Federal Reserve’s rate hike on schedule, the market suspects that the Federal Reserve, as the central bank, will no longer operate countercyclically in accordance with previous commitments. Instead, it will work with the government to solve the structural problems of unbalanced trade balances and fiscal cliffs. As a cyclical adjustment policy, monetary easing should be retreated, but easing should not be retrenched in line with structural optimization. The only way for the United States to solve its fiscal deficit is to find revenue in trade, raise taxes and support the export of enterprises in the weaker dollar. China should emphasize that the devaluation of the renminbi is not the result of China’s manipulation of the RMB exchange rate. It actively promotes trade liberalization, opening up its markets and lowering tariffs and looking for opportunities in the domestic market.