There is a good economic rationale for China's wanting to keep the renminbi/dollar rate stable. First, as long as the fixed rate is credible - as it was between 1995 and 2004 at 8.28 yuan per dollar - it served as an effective monetary anchor for China's internal price level. After inflation had exploded to over 20 per cent per year in 1993-95, the fixed-rate anchor helped China regain price-level stability. Second, the big fiscal stimulus which Mr Wen is now contemplating would be most effective if China's exchange rate is kept stable - as it has been since last July.
对manbetx3.0 来说，保持人民币兑美元汇率稳定有充分的manbetx20客户端下载 理由。首先，只要固定汇率是可信的——就像1995年至2004年间维持在1美元兑8.28元人民币那样，它就可以有效地充当manbetx3.0 国内价格水平的“货币锚”(monetary anchor)。在1993至1995年通货膨胀猛升至逾20%之后，固定汇率“锚”有助于manbetx3.0 物价恢复稳定。其次，如果人民币汇率保持稳定（事实上自去年7月以来便一直如此），那么温先生正在考虑的大规模财政刺激计划将发挥出最大效果。