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在过去的六十多年里,美国政府利用美元作为国际储备货币的特性大量发行美元,造成全世界流动性泛滥。为此,美国需要在各种领域不断创新。次贷这种重要的金融创新促使银行之间在贷款和资产上投下巨大赌注。但泡沫总有一天要破裂,其结果变成金融动荡。中国高达3万亿美元的外汇储备已将自己的命运紧紧绑在美国经济和美元的命运上。脱离美元或建立人民币的货币区在短期内尚难以做到。中国从自身利益出发必须保持美元币值的相对稳定并妥善处理中美汇率之争。后金融危机时代出现的“美国模式”和“中国道路”之争远未结束。随着国际形势变化和双边政治经济力量的消长,争论还会持续甚至激化,但也不完全排除美国经过改革重新执掌世界经济之牛耳的可能,而中国发展也还因充满不确定因素而面临许多难题。
Over the past six decades, the U.S. government has used the U.S. dollar as a currency of international reserves to issue large numbers of U.S. dollars, causing the global liquidity to overflow. To this end, the United States needs constant innovation in various fields. Subprime mortgage This important financial innovation has prompted banks to make huge bets on loans and assets. But the bubble will burst one day and the result will be financial turmoil. China’s as much as 3 trillion U.S. dollars of foreign exchange reserves have tied its own destiny to the fate of the U.S. economy and the U.S. dollar. Monetary areas that are free from the dollar or set up in renminbi are hard to come by in the short run. Starting from its own interests, China must maintain the relative stability of the U.S. dollar value and properly handle the dispute over the exchange rate between China and the United States. After the financial crisis, the dispute between the “American model” and the “Chinese road” is far from over. With the changes in the international situation and the ups and downs of bilateral political and economic power, the debate will continue or even intensify. However, it will not completely rule out the possibility that the United States will once again be in charge of reforming the world economy. China’s development has also faced many uncertainties problem.