W?hile everyone in Washington thinks the renminbi should be revalued, not everyone in China agrees. Maybe the Chinese are right? It is, after all, easy to blame trade imbalances on the evil exchange rate machinations of others. In the mid-1980s Japan’s surplus was supposedly the consequence of a deliberately undervalued yen. But while the yen has since risen a good deal – as shown by last week’s decision by the Bank of Japan to lower the exchange rate – its surplus has stubbornly grown too.
盡管華盛頓人人都認(rèn)為人民幣應(yīng)升值，但不是每一個中國人都這么想。難道中國人是對的？畢竟，將貿(mào)易失衡歸咎于他國操縱匯率的陰謀詭計是很容易的。上世紀(jì)80年代，日本龐大的盈余被認(rèn)為是蓄意低估日元的結(jié)果。但盡管后來日元大幅升值——這一點從上周日本央行(BoJ)決定干預(yù)匯市以壓低日元就可看出——該國盈余仍在頑強地增長。
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