triffin悖论（triffin悖论）
Since 1971, when the US government announced that the US dollar and gold fixed prices were decoupled from the "Nixon shock", the era of marketization of the international monetary system was coming. Supported by the strong economic strength of the United States, the United States dollar, both as a national currency and as an international currency, has written a history of international currency that has made both countries hate and love each other very much.
In other countries, the dollar as an international currency is to rely on the strength of the U.S. economy to support the countries in the u of $especially like gold as rerves in US dollars, always hope that the United States economy is more strong and stable, to ensure that the value of the dollar is stable; and the dollar as the international currency is ud more frequently. He's dollar rerves a large number of U.S. foreign debt or deficit is bigger, the stability of the U.S. economy will be wor, the debt laden crisis would more likely, it is difficult to guarantee the stable value of the dollar. This is an obvious contradiction: the US dollar, as an international currency, is willing to retain it more and wants it to be stable; the dollar is heavily retained by other countries; the United States has large liabilities and the dollar is hard to keep. This is the last century by the American economist Robert. Professor Triffin discovered and put forward the "paradox": to stabilize the value of the dollar, it can not be ud as inter
王维的代表作national currency; to dollar as an international currency, its value is not stable. When the dollar as an international currency has become a historical choice and has not changed, and a large number of countries
using rerve dollar rerves also helplessly tied to the US economy's chariot, to keep the hands of the value of the dollar, it must fully support the economic prosperity, retain more dollars, support also it must be more. It is becau of the special status of the dollar in this way, countries have a natural nsitivity for the dollar, the appreciation or depreciation of only above a certain level, will bring all kinds of tension and even panic, choo the corresponding countermeasure, also mostly helplessly added to the support of the U.S. economy stable and strong monetary policy in the camp, some countries even to direct their currencies to the dollar, the currency to depreciate the synchronous operation, stable value, and try to have a stable dollar strength, stabilize the country in support of the U.S. economy in the economic.
岳阳旅游景点Recently, the continuous depreciation of the dollar has brought great concern from all over the world. Since 1996, the dollar has been in a strong currency position, complementing the economic growth of the United states. Strong national currency under strong economic strength is a natural and reasonable result. However, affected by the "Triffin paradox", a strong currency is easier to bring the
向阳生涯world of his country for the dollar's rerve growth in imports a large number of United States led to increasing trade balance under the pattern of American foreign "liabilities" (mainly under the current "debt") sharply incread, the value of the dollar stability impact. To Chine foreign exchange rerves as an example, the first four months of this year, foreign exchange rerves incread by $21 billion 600 million, including a trade surplus of $8 billion 300 million at the end of April, the amount of foreign exchange rerves has reached 233 billion 800 million
US dollars, ranked cond after Japan and the world. This factor clearly incread the pressure on the dollar to depreciate. Plus the United States once again by the psychological impact of terrorist attacks of panic, some problems of financial risk and the increa of economic structure is not balanced, although a quarter economic growth situation is good, but can not change the people for the value of the dollar volatility, especially for the connsus value of the dollar overvalued, reflected by the depreciation of the dollar market, only a matter of time. In general, the depreciation of the dollar usually occurs when the dollar's value is overestimated as a mainstream judgment. In this fall before, some experts believe that the value of the dollar is overvalued in about 15-20%, of cour, some people think that in the 20 to 40 percent. The difference between the quantity of value and the quantity of cognition only shows that the degree of the devaluation of the dollar is different from that of the future. This time, the devaluation of the dollar will inevitably come, and it is inevitable.联想笔记本型号
The devaluation of the dollar brings economic and monetary policy choices to the rest of the country. It is always a headache. The Japane economy as external demand driven economy, the depreciation of the dollar will increa Japan's export difficulties, increa the economic recovery more difficult; and with Japan as the world's largest foreign exchange rerves, rerves accounted for a certain proportion, the depreciation of the dollar also affects the value loss of foreign exchange rerves in japan. Therefore, Japane is the most nsitive and most positive respon, the Japane central bank in May 22nd and 23 copies sold 10000 billion yen (about
$8 billion), to support the dollar price of $absorb. Singapore, South Korea and other Asian countries are also interested in entering the market to intervene in the dollar exchange rate, becau the devaluation of the dollar caud a broad appreciation of the currencies of Asian countries, and the export situation is grim. At the same time, in the world's foreign exchange rerves, the largest rerves in Asia, the dollar devaluation also fear too large rerve loss, the exchange rate value of the dollar to prevent further decline, is completely economic rational choice. However, under the "Triffin Dilemma" of Asia, has to intervene in the market more deep-ated worries, the cost to save more dollar is the intervention, if the intervention effect is poor, the dollar is more greatly continued to decline, retain more dollars, it will suffer a greater devaluation loss. At this time, the central bank alw万众一心的近义词
有趣的成语ays hesitated, a. It is deeply disturbing, the depreciation of the dollar does not em to enjoy, yen price will be low, to 120 yen, the Bank of Japan and There's no telling, other Asian central banks, is likely to be in the next round of dollar decline is too high, much intervention, and urged the United States to take the appropriate policy, stop the depreciation of the dollar too much momentum, in the very contradiction as a choice. Since the dollar as the national currency as an international currency has been accepted by the world, and Asian countries are large dollar rerves tied on the U.S. economy for chariots, fall in the dollar would have to respond to the corresponding active. There is no alternative. In fact, the "Triffin Dilemma" has told us no choice.
China ranks two in the world in foreign exchange rerves, and the share of US dollar rerves is not small. Becau China RMB
has a relatively stable relationship linked to the dollar, or is esntially pegged to the dollar, usually in a narrow range with the dollar yen volatility for the devaluation of the currency, the renminbi is in a more special contradictions among. With the dollar pegged to the dollar, it means that the RMB against other currencies, a certain degree of depreciation, it will be beneficial to China exports, incread external demand for economic stimulus Chine; at the same time, due to the depreciation of the dollar market fell to overestimate the actual dollar value, China yuan is not similar
顽皮的杜鹃读书倡议书to the dollar overvalued the situation, or at least less overvalued level, the RMB will have a relatively large depreciation of the dollar and the stability is not the same value, it is the relationship between the RMB and the U.S. out of a larger problem: or continue to maintain established relations with the dollar, the value of the renminbi would need to be adjusted, such as lowering interest rates or increa the money supply, the formation of the actual value of the currency is reduced; or to get rid of the dollar pegged to contact, a contact for building the value of new RMB Such as the formation of a foreign exchange system bad on a basket of currencies and so on.
Faced with the problem of the devaluation of the dollar, we can continue to wait and e, becau the future trend is uncertain. If the dollar depreciation could be controlled under his country's intervention in a certain range, China RMB pegged following devaluation and the stable value, will bring some factors conducive to Chine trade and economy, and will not endanger the value loss of dollar rerves. Nowadays, there is a view that whether we should continue to choo the policy of pegging to the dollar,
