The effort to maintain the dollar-renminbi exchange rate at a level approved by China’s State Council has already led to an enormous increase in the Chinese economy’s financial liquidity. The consequences of this are now manifested in property and stock market inflation, but not yet in rampant and uncontrolled consumer price inflation – at least for now.
将美元—人民币汇率维持在中国国务院批准的水平上的努力已经导致了中国经济的金融流动性大幅增加。其后果现在已经通过不动产和股票市场的通胀显现出来，不过还未造成普遍的、不可控制的消费品价格通胀—至少目前还没有。但如果中国不加快对人民币的重新估值，那么在未来两三年内就可能会发生严重的消费通胀。果真如此，其后果将会是在我们所熟知的、二战后肆虐拉美的恶性通胀和经济滞胀之间做出抉择。然而，这种情况所产生的后果主要还是局限于亚洲。