在
美联储(Federal Reserve)宽松货币政策引发国内外批评之际，主席贝南克(Ben Bernanke)反戈一击，在准备于周五在法兰克福发表的书面演讲中说，中国和其他新兴市场阻止本币随着经济的增长而升值，正在给它们自身和整个世界造成问题。
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美联储主席贝南克本月初在一个经济学课堂上演讲。
贝南克因为美联储决定购买6,000亿美元的美国国债以压低长期利率而受到抨击。美国的批评者说，这样做有可能造成通货膨胀。其他国家的批评者说，美联储为购买国债而客观上印制的大量美元，正造成投资者将资金大量投往海外经济体，可能引起资产泡沫。
一些人指责美联储是在通过削弱美元来刺激美国出口。
美联储官员否认刺激出口是他们的目标，但贝南克的讲稿客观上承认，因为新兴市场经济体的增长比发达国家快得多，所以，美元应该对它们的货币贬值。
贝南克的话虽然在语气上显得很学术，但它却以鲜见的直白，将新兴市场的通胀压力和汇率问题引发的矛盾归咎于中国等压低本币汇率的国家。
他问，为什么很多新兴市场的官员不让本币朝着与市场基本面更加相符的水平升值呢？他说，主要是因为他们相信这样做将会刺激出口、提高增长。
很多国家的央行都通过干预外汇市场来管理汇率。在美元通过出口大量涌入它们的经济体之际，它们的央行会保留这些美元，并用来购买美国国债等资产，而不是兑换回本币。如果兑换成本币的话，就会造成本币升值。
贝南克指出，中国在阻止人民币对美元升值的过程中，已经积累了规模达2.6万亿美元的外汇储备。
贝南克也对国内批评者予以还击，他说，如果美联储不采取行动，失业率可能会继续上升，而通胀率过低，并且还有可能进一步下降。
批评者说美联储的行动可能造成通胀率飙升，但贝南克说，他决心要把通胀率保持在2%左右。根据美联储偏好的剔除食品与能源价格的通胀指标，目前美国的通胀率是1%左右。
贝南克说，以目前的经济轨迹，美国面临着几百万劳动者数年内失业或就业不足的风险；作为一个社会，我们应该会发现这种结果是不可接受的。
Jon Hilsenrath
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
Federal Reserve Chairman Ben Bernanke is firing back amid criticism of the Fed's easy-money policies at home and abroad, arguing in remarks prepared for delivery Friday in Frankfurt that China and other emerging markets are causing problems for themselves and the world by preventing their currencies from strengthening as their economies grow.
By keeping their currencies artificially weak, Mr. Bernanke argues, China and other emerging markets are allowing their economies to overheat, preventing trade imbalances from adjusting and producing what he called 'a two-speed . . . recovery' that isn't sustainable. Their 'strategy of currency undervaluation' has 'important drawbacks' for them and the world economy, he warns.
Mr. Bernanke has come under attack for the Fed's decision to purchase $600 billion in U.S. Treasury bonds in an effort to drive down long-term interest rates. Critics in the U.S say it could cause inflation. Critics abroad say the flood of dollars that the Fed is effectively printing to finance the purchases is causing investors to pour money into overseas economies and could cause asset bubbles.
Some have accused the Fed of trying to weaken the dollar to spur U.S. exports.
Fed officials have denied that is their goal, though Mr. Bernanke effectively acknowledged the U.S. currency should weaken against currencies in emerging markets because their economies are growing so much faster than economies in the developed world.
The Fed chairman's message, though scholarly in tone, was unusually blunt in laying blame for inflationary pressures in emerging markets and for tensions over currencies on countries like China that hold their currencies down.
'Why have officials in many emerging markets leaned against appreciation of their currencies toward levels more consistent with market fundamentals?' he asks. Mainly because they believe that will spur exports and boost growth, he says.
Central banks in many countries intervene in currency markets to manage exchange rates. As dollars flood into their economies from exports, the central banks hold on to the dollars and use them to purchase assets like U.S. Treasury bonds, rather than converting them back into their domestic currencies, which would make those currencies rise in value.
Mr. Bernanke notes that in preventing the yuan from appreciating in exchange for dollars, China has accumulated a massive $2.6 trillion stock of U.S.-dollar assets.
Mr. Bernanke also makes his case against domestic critics, arguing that unemployment could keep rising without action by the Fed and that inflation was too low and could fall further.
Though critics say inflation could soar because of the Fed's actions, Mr. Bernanke says he is committed to keeping inflation at around 2%. It is now around 1%, by the Fed's preferred measures, which strip out food and energy prices.
'On its current economic trajectory the United States runs the risk of seeing millions of workers unemployed or underemployed for years,' Mr. Bernanke warns. 'As a society, we should find that outcome unacceptable.'
Jon Hilsenrath
By keeping their currencies artificially weak, Mr. Bernanke argues, China and other emerging markets are allowing their economies to overheat, preventing trade imbalances from adjusting and producing what he called 'a two-speed . . . recovery' that isn't sustainable. Their 'strategy of currency undervaluation' has 'important drawbacks' for them and the world economy, he warns.
Mr. Bernanke has come under attack for the Fed's decision to purchase $600 billion in U.S. Treasury bonds in an effort to drive down long-term interest rates. Critics in the U.S say it could cause inflation. Critics abroad say the flood of dollars that the Fed is effectively printing to finance the purchases is causing investors to pour money into overseas economies and could cause asset bubbles.
Some have accused the Fed of trying to weaken the dollar to spur U.S. exports.
Fed officials have denied that is their goal, though Mr. Bernanke effectively acknowledged the U.S. currency should weaken against currencies in emerging markets because their economies are growing so much faster than economies in the developed world.
The Fed chairman's message, though scholarly in tone, was unusually blunt in laying blame for inflationary pressures in emerging markets and for tensions over currencies on countries like China that hold their currencies down.
'Why have officials in many emerging markets leaned against appreciation of their currencies toward levels more consistent with market fundamentals?' he asks. Mainly because they believe that will spur exports and boost growth, he says.
Central banks in many countries intervene in currency markets to manage exchange rates. As dollars flood into their economies from exports, the central banks hold on to the dollars and use them to purchase assets like U.S. Treasury bonds, rather than converting them back into their domestic currencies, which would make those currencies rise in value.
Mr. Bernanke notes that in preventing the yuan from appreciating in exchange for dollars, China has accumulated a massive $2.6 trillion stock of U.S.-dollar assets.
Mr. Bernanke also makes his case against domestic critics, arguing that unemployment could keep rising without action by the Fed and that inflation was too low and could fall further.
Though critics say inflation could soar because of the Fed's actions, Mr. Bernanke says he is committed to keeping inflation at around 2%. It is now around 1%, by the Fed's preferred measures, which strip out food and energy prices.
'On its current economic trajectory the United States runs the risk of seeing millions of workers unemployed or underemployed for years,' Mr. Bernanke warns. 'As a society, we should find that outcome unacceptable.'
Jon Hilsenrath
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