3分钟教你看懂人民币升值的那些事
<p><span word="What">What</span> <span word="happened">happened</span>: <span word="Last">Last</span> <span word="year">year</span> <span word="China">China</span>'<span word="s">s</span> <span word="currency">currency</span> <span word="reached">reached</span> <span word="an">an</span> <span word="all">all</span>-<span word="time">time</span> <span word="high">high</span> <span word="against">against</span> <span word="the">the</span> <span word="dollar">dollar</span>, <span word="gaining">gaining</span> 3% <span word="to">to</span> <span word="hit">hit</span> 6.05 <span word="yuan">yuan</span> <span word="per">per</span> <span word="dollar">dollar</span>. <span word="It">It</span> <span word="capped">capped</span> <span word="a">a</span> <span word="nice">nice</span> <span word="eight">eight</span>-<span word="year">year</span> <span word="run">run</span> <span word="since">since</span> 2005, <span word="when">when</span> <span word="the">the</span> <span word="currency">currency</span> <span word="finally">finally</span> <span word="dropped">dropped</span> <span word="its">its</span> <span word="strict">strict</span> <span word="peg">peg</span> <span word="to">to</span> <span word="the">the</span> <span word="dollar">dollar</span>. <span word="Since">Since</span> <span word="then">then</span>, <span word="the">the</span> <span word="liberalized">liberalized</span> <span word="yuan">yuan</span> <span word="has">has</span> <span word="risen">risen</span> <span word="by">by</span> 35%.</p><p>人民币升值历程：去年，人民币兑美元创历史新高，汇率上升3%，达到了6.05元。人民币终于成功完成了长达八年的长跑。2005年，人民币不再单一盯住美元。之后，更加自由的人民币升值了35%。</p><p><span word="Why">Why</span> <span word="the">the</span> <span word="rise">rise</span>?</p><p>人民币为什么升值？</p><p><span word="The">The</span> <span word="global">global</span> <span word="economy">economy</span> <span word="grew">grew</span>, <span word="and">and</span> <span word="Chinese">Chinese</span> <span word="exports">exports</span> <span word="expanded">expanded</span> <span word="in">in</span> 2013. <span word="That">That</span>'<span word="s">s</span> <span word="it">it</span>, <span word="more">more</span> <span word="or">or</span> <span word="less">less</span>. <span word="But">But</span> <span word="it">it</span>'<span word="s">s</span> <span word="never">never</span> <span word="so">so</span> <span word="easy">easy</span> <span word="in">in</span> <span word="China">China</span> <span word="because">because</span> <span word="the">the</span> <span word="central">central</span> <span word="bank">bank</span> <span word="keeps">keeps</span> <span word="tight">tight</span> <span word="control">control</span> <span word="over">over</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="by">by</span> <span word="basically">basically</span> <span word="preventing">preventing</span> <span word="trade">trade</span> <span word="imbalances">imbalances</span> <span word="from">from</span> <span word="driving">driving</span> <span word="up">up</span> <span word="the">the</span> <span word="yuan">yuan</span>'<span word="s">s</span> <span word="value">value</span> <span word="too">too</span> <span word="much">much</span>. (<span word="China">China</span> <span word="adsorbed">adsorbed</span> <span word="net">net</span> <span word="inflows">inflows</span> <span word="of">of</span> 387 <span word="billion">billion</span> <span word="U">U</span>.<span word="S">S</span>. <span word="dollars">dollars</span> <span word="last">last</span> <span word="year">year</span>, <span word="according">according</span> <span word="to">to</span> <span word="Deutsche">Deutsche</span> <span word="Bank">Bank</span>.) <span word="For">For</span> <span word="technical">technical</span> <span word="reasons">reasons</span>, <span word="China">China</span> <span word="allows">allows</span> <span word="the">the</span> <span word="yuan">yuan</span> <span word="to">to</span> <span word="trade">trade</span> (<span word="you">you</span> <span word="can">can</span> <span word="buy">buy</span> <span word="yuan">yuan</span> <span word="futures">futures</span> <span word="on">on</span> <span word="the">the</span> <span word="Chicago">Chicago</span> <span word="Mercantile">Mercantile</span> <span word="Exchange">Exchange</span>), <span word="but">but</span> <span word="strict">strict</span> <span word="limits">limits</span> <span word="are">are</span> <span word="imposed">imposed</span> <span word="so">so</span> <span word="the">the</span> <span word="currency">currency</span> <span word="can">can</span>'<span word="t">t</span> <span word="move">move</span> <span word="dramatically">dramatically</span> <span word="day">day</span> <span word="to">to</span> <span word="day">day</span>.</p><p>2013年，全球经济增长，中国出口扩大。基本就是这些原因。但中国的情况更加复杂，因为中国央行一直对人民币实行严格的监管，防范因人民币升值过快造成贸易失衡。【据德意志银行（<span word="Deutsche">Deutsche</span> <span word="Bank">Bank</span>）披露，去年流入中国的净资金为3,870亿美元。】至于技术原因，虽然中国允许人民币交易【投资者可以在芝加哥商品交易所（<span word="Chicago">Chicago</span> <span word="Mercantile">Mercantile</span> <span word="Exchange">Exchange</span>）购买人民币期权】，但政府对这类交易实行严格限制，因此，导致人民币不可能每天出现大幅波动。</p>
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