美国量化宽松对中美贸易的影响.doc

摘要：自08年金融危机爆发以来，美国先后两次推出量化宽松政策，加速了其经济的复苏。与此同时，由于政策的溢出效应，两次政策的推出对于全球其它各国也产生了一定的影响。量化宽松政策是指中央银行在利率水平已经为零或者接近为零时,通过购买证券等来增加货币供应量的一种货币政策，它不同于传统的宽松政策，传统的政策一般是通过调整利率等来调整货币的价格，从而间接增加货币的供给数量,而量化宽松政策是直接增加货币的供给数量。在全球经济金融高度一体化的情况下，量化宽松政策可能会对美国经济起到一定的刺激作用，但是这是一把双刃剑，虽说量化宽松有一定的潜在好处，但亦有吹大资产泡沫、危及全球经济稳定的风险。而对于中国经济来说，美国量化宽松造成了我国的通货膨胀、人民币升值以及外汇储备的缩水，这些都对中美之间的贸易有着一定的影响，我国需要做出相应的对策来应对危机。

关键词：量化宽松；通货膨胀；人民币升值；外汇储备；中美贸易

AbstractSince the financial crisis broke out in 2008, the United States has twice introduced a policy of quantitative easing to accelerate their economic recovery. However, due to the spillover effects of policies, the introduction of two policies for other countries around the world also had some influence. Quantitative easing policy is one of the monetary policies which the central bank in the level of interest rates to zero or close to zero, through the purchase of securities to increase the money supply, it is different from the traditional lenient policy, the traditional policy by adjusting the interest rate to adjust the price of the currency, thereby indirectly increasing the quantity of money supply, quantitative easing policy is a direct increase in the number of the money supply. A high degree of integration of the global economic and financial circumstances, the quantitative easing policy might play a stimulating effec to the U.S. economy, but this is a double-edged sword, there are some potential benefits of the quantitative easing, but it can also inflate assets foam, threatening global economic stability risks. As for the Chinese economy, quantitative easing U.S. caused us inflation, appreciation of the RMB and foreign exchange reserves shrunk, it would impact on the trade between China and the United States, China needs to make appropriate measures to deal with the crisis.

Key words：Quantitative easing；Inflation；Appreciation of RMB; Foreign exchange reserves; Sino-US trade

　　　对于我国来说，美国的量化宽松必将对作为世界第二大经济体的中国经济产生不利的影响，激进而持续的量化宽松将可能引发我国的大宗商品价格上涨从而加大通货膨胀的压力、造成外汇储备缩水、刺激形成资产泡沫，甚至丧失货币政策的独立性。由于我国与美果之间的经济贸易相互依赖性不断增强，美国量化宽松会影响着我国的汇率以及进出口，为了应对美国量化宽松对中国经济的冲击，我国需要采取措施，既要加强监管对国际资本的流动、坚持外汇储备多元化，又要稳定人民币汇率，加快推进人民币的国际化，还要使央行票据发行与存款准备金率调整常态化。

　　　因此，总结美国推出量化宽松的原因，归纳其对中美贸易产生的影响，并对此分析提出我国的相应政策，从而缓解量化宽松对我国经济贸易的影响。