“未来一段时间的货币宽松政策，还将与目前的通货膨胀压力增加、房价继续高涨、经济泡沫加剧等难题叠加，增加了中国的宏观经济调控的变数。如何在'货币宽松的倾巢之下，保持中国经济持续、快速、稳定的增长'，将是未来几年宏观调控的最大难题。”

"The future a period of monetary easing,Will also work with the current inflation pressure increases/Rising house prices continue to/Economic foam intensification of superposition problem,Increased China's macroeconomic regulation and control variables.How to 'currency loose turn out in full force under,China's economy continued to maintain/fast/Stable growth ',Will be in the coming years the macroeconomic regulation and control, is the greatest problem."

　　全球经济危机的阴影，似乎比预料的长了许多。在诸多尝试之后，全球还是没有找到摆脱经济低迷的良策，迫于“稳增长”、保就业的压力，各国只好殊途同归，再次采用“屡试不爽”的绝招——推行货币宽松之策，进入竞相降息的通道。

The shadow of the global financial crisis,Seems better than expected long many.In many try later,The global economic downturn is not find a way out of a good,under"Steady growth"/The employment pressure,Countries have to all roads lead to Rome,Again the"happened"The unique skill - carrying out the strategy of currency loose,To cut into the channel.

　　刚刚上任不久的日本首相安倍晋三，除了在钓鱼岛问题上继续态度强硬之外，也祭出让全球惊诧的“安倍经济学”，加入到全球货币战争中来。上周，日本央行公布利率决议，宣布上调通胀目标至2%，同时作出无上限资产购买的承诺，将从2014年开始每月买入13万亿日元金融资产。此前，欧洲已经通过了“直接货币交易计划”；美国开启了“无限量购债”。显然，在美联储的QE政策的示范效应下，全球各国都准备开足马力，大肆印钞。

Just near the Japanese prime minister shinzo Abe's office,Besides the diaoyu island question hard to outside,Also offering the global surprising"Mr Abe economics",To join the global currency war.Last week,Japan by the central bank interest rate decision,Announced the increase to 2% inflation target,At the same time make no upper limit asset purchase commitment,Will begin from 2014 monthly to buy 13 trillion yen financial assets.after,Europe has passed"Direct currency trading plan";The United States opened"An unlimited purchase debt".obviously,In the fed's QE policy under the demonstration effect,The world is ready to tweak,A banknote printing works.

　　在去年10月，美联储主席伯南克曾明确表示，QE3将促进美国经济增长、减少失业、支撑美元、保护存户，为达此目标，美国极宽松的货币政策将维持到至少2015年中旬。伯南克为全球量化宽松设定了一个长达三年之久的时间范围。

In October last year,Federal reserve chairman Ben bernanke has made it clear that,QE3 will promote economic growth in the United States/Reduce unemployment/Support dollars/Protect customers,For this goal,The United States very easy monetary policy will maintain at least in the middle of 2015.Bernanke for global quantitative easing set a for three years time range.

　　作为美国国债的最大持有国之一，中国的立场应该很清晰：美国的QE3政策对我们不利，美联储的举措是对全球经济不负责任，将会影响到全球，特别是像中国这样的持有大量美元资产的国家，美元贬值将侵蚀中国持有的美国国债价值。与此同时，由于全球各国加入到“无底限“的量化宽松的大潮之中，可以预料，大规模流动性将推高全球资产价格，一场涉及全球范围内的资产泡沫压力将会卷土重来，而作为全球最大的原料进口国之一，中国的输入型通货膨胀的压力难以避免。

As the largest U.S. debt held one of the countries,China's position should be very clear:The United States QE3 policy against us,The fed's action on the global economy is irresponsible,Will affect the global,Especially such as China national hold a lot of us dollar assets,The dollar will erosion China holdings of us Treasury bonds value.meanwhile,Because of the world to join"No bottom line"The quantitative easing of the spring,Can be expected,Massive liquidity will push up global asset prices,In a global asset bubble pressure will stage a comeback,As the world's largest importer of raw materials,China's imported inflation pressure is difficult to avoid.

　　对于由各国央行加入的全球竞相宽松的后果，德国央行行长日前警告称：“让央行承担更多的责任并迫使央行采取更宽松的货币政策，可能会引发一轮全球性的竞争性货币贬值。”

For by central Banks to join global consequences are loose,The German central bank governor has warned:"The central bank to take more responsibility and forced the central bank runs a looser monetary policy,May trigger a global competitive devaluation."

　　作为全球最大的发展中国家，全球第二大经济体，中国虽然已具备较强综合国力，但依然无法在全球“一体化”的货币宽松政策大势下，保持独善其身的、与世界主流货币不同步的货币政策。这就是说，未来三年，或者未来较长一段时间内，至少中国的货币政策需要向美国看齐，实行适当的、符合中国国情的、较为宽松的货币政策。

As the world's largest developing country,The world's second largest economy,Although China has strong comprehensive national strength,But still can't in the world"integration"Loose monetary policy under the general trend,Keep the world/And the world mainstream monetary not synchronous monetary policy.This means that,The next three years,Or the future for a long period of time,At least China's monetary policy need to emulate the United States,Implement appropriate/Accord with the situation of China/Relatively loose monetary policy.

　　对中国来说，全球货币宽松带来的挑战一是人民币被动加速升值的风险，二是对外贸易出口，以及外贸平衡的问题。有数据显示，欧美日竞相“放水”，这加大了人民币兑美元等货币的上行压力，在美联储宣布QE3之后，人民币兑美元汇率一路上涨，一度触及半年多以来的盘中高点，此种压力，今年或将进一步加强。从目前的情况来看，由于人民币对外升值，对内贬值的趋势在未来较长一段时间难以扭转，可以预料，无论是2013年，还是之后的数年，中国对外贸易的价格优势，将受到越来越严峻的挑战。

For the Chinese,The challenge of global currency loose a faster appreciation of the renminbi is passive risk,The second is foreign trade export,And the problem of foreign trade balance.Data show,, Europe and the United States are"drain",This increased the yuan against the dollar currency such as the upward pressure,In the federal reserve announced after QE3,The dollar up all the way,Once touch a little more than half a year since the high dish,This kind of pressure,This year or will further strengthen.According to the current situation,Because RMB foreign revaluation,Internal devaluation of the trend in the future for a long period of time is difficult to reverse,Can be expected,Whether it is 2013 years,Of or after several years,China's foreign trade price advantage,Will be more and more severe challenges.

　　虽然中国一直试图保持人民币稳定的、合理的升值，但这种压力，在未来一段时间内将会更加巨大，无论如何，中国不能大步退让，还是必须保持好人民币升值的稳定步伐。并进一步减少贸易顺差，增加进口，以尽力化解决贸易不平衡的现状。

Although China has been trying to keep the RMB stable/Reasonable appreciation,But this kind of pressure,In the future period of time will be more great,No matter how,China can't step compromises,Or must keep good appreciation of the RMB stable pace.And further reduce the trade surplus,imports,To try to change the present situation of solving trade imbalance.

　　在外部环境越来越不利的情况下，中国需要更多地利用内部市场，抓住国内经济转型的历史性机遇。全球货币政策的宽松化，恰恰倒逼着中国经济必须转型升级，减少对外依赖程度，全力扩大内需，提高人民生活水平，增加国内的人均消费能力，增加环保投入与节能投入，切实提高经济增长的质量。

In the external environment more and more adverse circumstances,China needs more use of the internal market,Seize the historical opportunity of domestic economic transformation.Global monetary policy loose change,On the DaoBi with China's economic transformation and upgrading of must,To reduce dependence on foreign,To expand domestic demand,Improve the people's living standards,Increase domestic per capita consumption ability,Increase in environmental protection and energy saving investment,In order to improve the quality of economic growth.

　　与此同时，未来一段时间的货币宽松政策，还将与目前的通货膨胀压力增加、房价继续高涨、经济泡沫加剧等难题叠加，增加了中国的宏观经济调控的变数。如何在“货币宽松的倾巢之下，保持中国经济持续、快速、稳定的增长”，将是未来几年宏观调控的最大难题。 

meanwhile,The future a period of monetary easing,Will also work with the current inflation pressure increases/Rising house prices continue to/Economic foam intensification of superposition problem,Increased China's macroeconomic regulation and control variables.How to"Currency loose under turn out in full force,China's economy continued to maintain/fast/Stable growth",Will be in the coming years the macroeconomic regulation and control, is the greatest problem.