Charles Bovaird 2016年3月7日
人民幣實行了多年的固定匯率制。這種方法使中國的出口商品更加便宜，因此，相對其他國家的商品更有吸引力。通過國際市場對其產品的需求的增長，中國保證了國内的經濟繁榮。
只要固定匯率能保證人民幣相對其他貨幣更便宜，使用外國貨幣的消費者就能購買更多的中國出口商品。例如，如果中國人民銀行保持人民幣對美元的低價值，使用美元的消費者就能購買比其他國家商品更多的中國商品。
出口對任何經濟體的發展來說都是主要的驅動因素，因為它代表著資金流入這個國家。為了保持人民幣的低價值和支持出口發展，中國人民銀行採取外國貨幣購買手段。因此，中國央行持有的外匯儲備從2004年12月的6000億美元激增到2014年12月的3.8萬億美元。
經濟發展
這種匯率操控手段幫助了中國經濟的增長，使中國經濟在過去10年中不斷實現了超過10%的強勁增長。中國工業版塊表現尤為良好，麥肯錫咨詢公司的報告顯示中國在2011年成為世界上最大的制造商。
該報告還表示這一位置表明20世紀80年代還排名世界第七的中國取得了重大進步。由於這種強勢增長，中國人均生產總值在過去10年翻了一倍，而高度工業化的英國完成這一步驟的時間是150年。
根據聯合國制造業聯盟的報告，截至2013年，這種急速的增長使中國占據了全球制造業增加值的23.2%。
成本和收益
盡管這些事實和數字聽起來讓人覺得中國非常了不起，但是不是所有人樂意看到這一現象。美國制造商和工人對中國的貿易順差抱怨頻頻，認為人民幣固定匯率使中國公司獲得了不公平的優勢。因此，美國立法者一再要求中國進行人民幣升值。
盡管反對人民幣匯率固定的人頻頻抱怨，但是他們對這種情況的描述過於簡單。人為控制人民幣低匯率並不是沒有好處。低匯率意味著中國商品對美國消費者更加便宜，有助於幫助整體通脹保持在適當的水平。
這些便宜的商品也能使美國公司獲得好處，使他們可以使用低價格的中國商品從而降低成本。通過降低這些費用，這些公司可以降低消費產品的價格或者增加利潤，或者兩者兼而有之。
美國國會的研究服務報告指出，對中國的貿易赤字同樣有利於整體經濟，因為這會使資金從中國流向美國。如果外國資本用於購買有息證券，例如美國國債，這將有助於緩解借貸壓力和鼓勵更多投資。此外，低利率被認為能促進經濟增長。
總結
人民幣固定匯率是一個為中國經濟提供重要優勢的戰略舉措。通過使用這種方式，中國人民銀行使中國商品在國際市場更有吸引力並促進中國經濟的進一步繁榮。雖然許多政府使用擴張性政策以期得到預期的結果，中國政府已經用多年證明了固定匯率政策的有效性。
Why Is the Chinese Yuan Pegged?
By Charles Bovaird | Updated March 07, 2016
The Chinese yuan has had a currency peg for years. This approach makes Chinese exports cheaper and, therefore, more attractive relative to those of other nations. By providing the global marketplace with greater motivation to buy its goods, China can help ensure its economic prosperity.
As long as a currency peg keeps the yuan low relative to other currencies, consumers using foreign currencies can buy more of China's exports than they would if the yuan was more expensive. For example, if the People's Bank of China keeps the yuan weak compared to the U.S. dollar, consumers using the greenback can buy more Chinese exports than they would otherwise.
Exports are a major driver of any economy, as they represent money flowing into a nation. To keep the yuan artificially low and support robust export activity, the People's Bank of China engages in currency purchases. As a result, the central bank’s foreign exchange reserves (minus gold) surged from roughly $600 billion in December 2004 to $3.8 trillion in December 2014.
Economic Boom
This currency manipulation has helped China thrive, as the nation's economy has repeatedly experienced robust growth rates of more than 10% over the last decade. China’s industrial sector has done particularly well, as it became the world's largest manufacturer in 2011, according to a McKinsey report.
This first-place status has signaled a significant increase compared to its seventh-place status as recently as 1980, the report adds. Because of this robust growth, China doubled its gross domestic product (GDP) per capita over the course of a decade, a feat that the industrialized United Kingdom completed over a stretch of 150 years.
This rapid expansion has helped China grab a 23.2% share of global value-added manufacturing as of 2013, according to U.N. estimates reported on by Manufacturers Alliance for Productivity and Innovation.
Costs and Benefits
While these facts and figures may sound great for China, not everyone is optimistic about the situation. U.S. manufacturers and workers have complained about the Chinese trade surplus, claiming that the yuan peg has granted Chinese companies an unfair advantage, according to a Congressional Research Service report. As a result, U.S. lawmakers have called for revaluing China's currency.
While opponents of yuan pegging have complained, they may be providing an overly simplified portrayal of the situation. An artificially low yuan is not without its benefits. The currency peg means cheap Chinese goods for U.S. consumers, a development that can help keep overall inflation at a modest level.
The benefits of these less expensive goods also extend to businesses. U.S. companies that use less expensive imported items from China to make goods can enjoy reduced costs of production. By lowering these expenses, such firms can either lower the prices for consumers or increase their profitabilities, or both.
Chinese trade deficits also provide a boon to the broader economy, as they necessitate the movement of capital to the United States from China, the Congressional Research Service report noted. If this foreign capital goes toward purchasing interest-bearing securities, such as U.S. Treasurys, this development would help to place downward pressure on borrowing costs and encourage stronger investments. In addition, lower interest rates are considered to support economic growth.
The Bottom Line
Pegging the yuan is a strategic policy move that provides crucial benefits to the Chinese economy. Using this approach, the People's Bank of China can make Chinese exports more appealing on the global marketplace and help fuel greater prosperity for China. While many governments harness expansionary policies in the hope that they will generate the intended results, China has proved the efficacy of its currency peg over many years.
本文翻譯由兄弟財經提供
文章來源：http://www.investopedia.com/articles/forex/030616/why-chinese-yuan-pegged.asp