While China’s government should make greater efforts to rebalance the economy by conventional measures, it also should focus more attention on adjusting the currency structure of the country’s gross assets and gross liabilities. In particular, China should try to replace its dollar-denominated assets with renminbi-denominated assets, and its renminbi-denominated liabilities with dollar-denominated liabilities.
中国政府需要更努力地通过常规手段实现经济再平衡，但与此同时也应该更关注调整总资产和总负债的货币结构。特别地，中国应该尝试用人民币资产取代美元资产，用美元负债取代人民币负债。