自2005年7月汇改以来,尽管人民币兑美元不断升值,中国不断延续的高增长低通胀的黄金增长态势,在实体经济和虚拟经济中不断催生过剩流动性。随着宏观经济的主要矛盾从早前的产能过剩转向流动性过剩,人民币升值对于中国经济的各各方面都将产生一定的影响。 Since the exchange reform in July 2005, despite the continuous appreciation of the yuan against the U.S. dollar, China continues its golden growth pattern of high growth and low inflation and has continuously created excess liquidity in both the real economy and the fictitious economy. With the major macroeconomic conflicts shifting from overcapacity to excess liquidity, the appreciation of the renminbi will have an impact on all aspects of China’s economy.