With the US Federal Reserve’s first rate rise approaching, China’s decision to allow the renminbi to depreciate bears similarities to the Swiss National Bank’s pre-emptive reaction to European quantitative easing in January. The lessons from other discarded currency pegs loom large. Asia and Latin America in the 1990s taught us that currency pegs reinforced and indeed exacerbated financial cycles. Asset prices tended to overshoot on the upside, creating macro imbalances that were eventually corrected through catastrophic devaluations.
随着美联储(Fed)首次加息时间临近，manbetx3.0 决定允许人民币贬值，这与今年1月瑞士央行(Swiss National Bank)抢在欧洲启动量化宽松之前采取行动有相似之处。其他国家放弃汇率锚定的先例带给我们的经验教训历历在目。上世纪90年代亚洲和拉丁美洲的经历告诉我们，汇率锚定强化且事实上加剧了金融周期。资产价格往往过度升高，导致宏观manbetx20客户端下载 失衡，最终通过灾难性贬值才得以纠正。
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