Charles Bovaird 2016年3月7日
人民币实行了多年的固定汇率制。这种方法使中国的出口商品更加便宜，因此，相对其他国家的商品更有吸引力。通过国际市场对其产品的需求的增长，中国保证了国内的经济繁荣。
只要固定汇率能保证人民币相对其他货币更便宜，使用外国货币的消费者就能购买更多的中国出口商品。例如，如果中国人民银行保持人民币对美元的低价值，使用美元的消费者就能购买比其他国家商品更多的中国商品。
出口对任何经济体的发展来说都是主要的驱动因素，因为它代表着资金流入这个国家。为了保持人民币的低价值和支持出口发展，中国人民银行采取外国货币购买手段。因此，中国央行持有的外汇储备从2004年12月的6000亿美元激增到2014年12月的3.8万亿美元。
经济发展
这种汇率操控手段帮助了中国经济的增长，使中国经济在过去10年中不断实现了超过10%的强劲增长。中国工业版块表现尤为良好，麦肯锡咨询公司的报告显示中国在2011年成为世界上最大的制造商。
该报告还表示这一位置表明20世纪80年代还排名世界第七的中国取得了重大进步。由于这种强势增长，中国人均生产总值在过去10年翻了一倍，而高度工业化的英国完成这一步骤的时间是150年。
根据联合国制造业联盟的报告，截至2013年，这种急速的增长使中国占据了全球制造业增加值的23.2%。
成本和收益
尽管这些事实和数字听起来让人觉得中国非常了不起，但是不是所有人乐意看到这一现象。美国制造商和工人对中国的贸易顺差抱怨频频，认为人民币固定汇率使中国公司获得了不公平的优势。因此，美国立法者一再要求中国进行人民币升值。
尽管反对人民币汇率固定的人频频抱怨，但是他们对这种情况的描述过于简单。人为控制人民币低汇率并不是没有好处。低汇率意味着中国商品对美国消费者更加便宜，有助于帮助整体通胀保持在适当的水平。
这些便宜的商品也能使美国公司获得好处，使他们可以使用低价格的中国商品从而降低成本。通过降低这些费用，这些公司可以降低消费产品的价格或者增加利润，或者两者兼而有之。
美国国会的研究服务报告指出，对中国的贸易赤字同样有利于整体经济，因为这会使资金从中国流向美国。如果外国资本用于购买有息证券，例如美国国债，这将有助于缓解借贷压力和鼓励更多投资。此外，低利率被认为能促进经济增长。
总结
人民币固定汇率是一个为中国经济提供重要优势的战略举措。通过使用这种方式，中国人民银行使中国商品在国际市场更有吸引力并促进中国经济的进一步繁荣。虽然许多政府使用扩张性政策以期得到预期的结果，中国政府已经用多年证明了固定汇率政策的有效性。
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.
本文翻译由兄弟财经提供
文章来源：http://www.investopedia.com/articles/forex/030616/why-chinese-yuan-pegged.asp