以美联储出台第三轮量化宽松政策（QE3）为代表，全球市场再度进入各国央行集中释放宽松政策的时期。这也意味着，中国将再度面临宽松货币的外部市场环境。一个很现实的问题是，中国的宏观经济政策应该如何应对环境变化？

With the federal reserve on the third round of quantitative easing policy(QE3)As a representative,The global market again into the central Banks concentrated release loose policy period.It also means,China will again face the loose monetary external market environment.A very practical problem is,China's macroeconomic policy should be how to deal with environmental change?

　　我们在9月16日的金融分析中曾归纳过中国官方研究人士的评价，他们基本一致认为美国的QE3政策对中国不利，认为美联储的举措是对全球经济不负责任，将会影响到全球很多国家，特别是像中国这样的持有大量美元资产的国家，预计美元贬值将侵蚀中国持有的美国国债价值。还有国内官方研究人士预计，大规模流动性将推高资产价格，全球资产泡沫压力将会卷土重来，给中国造成输入型通货膨胀的压力。

We on September 16 financial analysis has summed up Chinese official researchers evaluation,Their basic consensus that the United States QE3 policy on China's disadvantage,Think the fed's move to the global economy irresponsible,Will affect the global many countries,Especially such as China national hold a lot of us dollar assets,Expected the dollar will erosion China holdings of us Treasury bonds value.And domestic official researchers expected,Massive liquidity will push up asset prices,Global asset bubble pressure will stage a comeback,Give China caused by imported inflation pressure.

　　在安邦研究团队看来，国内学者的看法都只是从中国的立场考虑问题，无法形成对形势变化的客观看法。还是让我们看看真实情况如何，以及形势会如何发展吧。

In AnBang research team looks,The domestic scholars views are from China's position to consider problems,Can't form to the changing situation of the objective view.Let us see the truth,And the situation will how to develop.

　　美联储（Fed）主席伯南克10月1日首度回应各界对第三轮量化宽松（QE3）政策的质疑。他表示，QE3将促进美国经济增长、减少失业、支撑美元、保护存户。他重申，极宽松的货币政策将维持到至少2015年中旬，即使经济增长升温，美联储仍将维持前所未见的货币刺激措施，但决策官员不认为美国经济疲态会延续到2015年之后。伯南克还认为，即使经济增长的力道太弱而无法降低高居8%的失业率，美国也不会再现衰退。此外，美国的通胀水平一直徘徊在美联储设定的2%目标附近，通胀预期依旧稳定，物价没有突然飙升的风险。伯南克说得很清楚了，美国还将把极宽松的货币政策维持近三年的时间。

The fed(fed)Chairman Ben bernanke October 1, the first response from all walks of life to the third round of quantitative easing(QE3)Policy question.He said,QE3 will promote economic growth in the United States/Reduce unemployment/Support dollars/Protect customers.He reiterated that,Extremely loose monetary policy will remain to at least 2015 in the middle,Even if the economy growth temperature,The federal reserve will still maintain unprecedented monetary stimulus measures,But the decision officials don't think the U.S. economy continues to started after 2015.Bernanke also believe that,Even if the force that economic growth is too weak to reduce the unemployment rate stands at 8%,The United States also won't reproduce a recession.In addition,America's inflation has been wandering in the federal reserve set near 2% target,Inflation expectations are still solid,Prices without the risk of sudden spikes.Bernanke said very clearly,The United States will also extremely loose monetary policy to maintain nearly three years.

　　在安邦研究人员看来，现实而理性的应对之策，不是去辩驳美国QE3对中国的好坏，而是理性思考如何应对由此带来的变化，以及中国的政策应该如何调整。安邦的跟踪研究显示，不少国家已经在顺应本国经济和国际政策环境的变化，继续放松本国货币政策。

In AnBang researchers looks,Realistic and rational of policy measures,Not to wrangle QE3 the United States to China's stand or fall,But rational thinking how to deal with this bring change,And China's policies should be how to adjust.AnBang tracking study shows,Many countries have with the domestic economy and international policy changes in the environment,Continue to relax its monetary policy.

　　韩国央行日前在每半年公布的货币政策报告中表示，韩国央行计划运用利率政策，确保经济回复至潜在的增长水准。相较韩国央行上月将稳定物价当做优先要务，这反应出韩国央行现在更强调促进经济增长。分析人士认为，全球经济疲软，加上欧债危机严重打击出口，使得出口取向的韩国经济近来数月萎靡不振。韩国央行深知降息的压力越来越大，10月11日韩国央行召开决策会议时降息0.25个百分点的可能性升高。

The bank of Korea has released every six months in monetary policy report said,The bank of Korea plan to use interest rate policy,To ensure economic recovery to potential growth level.Compared with last month the bank of Korea will stabilize prices as a priority,This reflects the bank of Korea now more emphasis on promoting economic growth.Analysts believe that,Global economic weakness,Add the debt crisis export serious blow,Make the export orientation of South Korea's economy in recent months cachexia.South Korean central bank cut interest rates that the pressure is more and more big,On October 11, the bank of Korea meeting held decision to cut interest rates when it raised the possibility of 0.25%.

　　澳大利亚央行已经采取行动再度降息。10月2日，澳洲央行下调利率0.25个百分点至3.25%，为3年来最低利率。此次澳洲央行降息时机比市场预期要早，显示澳大利亚对本国经济增长前景十分担忧。澳洲央行总裁史蒂文斯（GlennStevens）说：“理事会判断，就国际情势的发展而言，明年的成长展望有些疲弱，因此认为稍微放宽货币政策是适宜的。”澳大利亚降息也考虑到了中国经济减速因素，澳洲对中国的出口占整体出口的25%，约为GDP的5%；而铁矿砂约占对中国出口的60%。史蒂文斯表示，资源投资可能在明年到达顶峰，而且触顶的水平可能比先前预期的要低，因此务必要让澳大利亚经济的其他部分需求尽早开始增强。

Australia's central bank has taken action to cut interest rates again.On October 2,,Australia the central bank to cut interest rates by 0.25% to 3.25%,For 3 years minimum interest rate.The central bank to cut interest rates in Australia than the market expected to early time,Display Australia to its economic growth prospects are worried.Australian central bank President Stevens(GlennStevens)said:"Council judgment,The development of the international situation for,Next year's growth prospects some weakness,So think a little easing monetary policy is appropriate."Australia to cut interest rates also took into account the China's economic reduction factor,Australian exports to China accounted for 25% of the overall exports,About 5% of GDP;And iron ore accounted for about 60% of exports to China.Stevens said,Resources investment may reach the top in the next year,And the level of the top contact is likely to be worse than previously expected low,So be sure to let the rest of the Australian economy demand began to increase as soon as possible.

　　同为“金砖国家”的巴西，一边在指责美联储推出QE3，一边在不断降息。从2011年8月以来，巴西央行已连续第9次降息，创下历史新低，并且不排除今年10月继续降息。另一个新兴市场大国印度，虽然在今年4月降息后三次维持利率不变，但这是在通胀高达7.55%的情况下才不得已的政策。

as"Nuggets countries"Brazilian,While in charge that the federal reserve QE3 launch,Side in the constant rate cut.Since August of 2011,The Brazilian central bank has cut interest rates ninth consecutive,A record low against,And would not rule out this year October continue to cut interest rates.Another emerging market country India,Although in April this year after cut interest rates three times to maintain interest rates unchanged,But this is in inflation up to 7.55% of cases to necessary policy.

　　情况很清楚，面临全球普遍的经济低迷，各国再度进入竞相降息的通道，而降息政策最大的考虑，还是本国经济增长的需要。在当前形势下，全球经济的“老大”都只考虑自身，中国就更没有必要为全球经济环境去扛什么责任。

Situation is very clear,Facing the global common economic downturn,All countries to cut interest rates again into the channel,And the biggest cut interest rates policy consideration,Or the needs of domestic economic growth.In the current situation,The global economy"boss"Have only considered itself,China is no more need for global economic environment to carry any responsibility.

　　最终分析结论：

Final analysis conclusion:

　　在我们看来，中国应对全球宽松政策环境时，自身的政策调整应该更加积极进取，完全应该尽早放松货币政策，先保住中国的经济增长，这应该成为最现实、最优先的政策选择！

In our view,China's global loose policy environment,Their policy adjustment should be more aggressive,Should be completely relaxed monetary policy as soon as possible,To keep China's economic growth,This should be the most realistic/The most preferential policy choice!