2008-12-02

學者:人民幣不會持續大幅貶值


學者:不會持續大幅貶值
(明報)12月2日

【明報專訊】人民幣匯價自2005年匯改以來,一直反覆升值,而外資熱錢近年湧入本港投資國企H股,每每是看好中資股的盈利增長潛力,同時又可藉投資H股兼賺人民幣升值的匯價,然而人民幣近日掉頭貶值,會否打擊外資流入本港?有學者估計,人民幣畢竟不會出現大幅貶值趨勢,對港股影響甚微。

Hong Kong Investment

摩根士丹利大中華區首席經濟學家王慶表示,人民幣匯價下跌一天、兩天甚至一周都是有可能的,但「肯定不會出現趨勢性貶值」。他說,雖然中國整體經濟已開始放緩,但匯價是由國際收支決定的;儘管人民幣仍是非流通貨幣,但中國仍處在貿易順差,因此,人民幣不可能持續貶值。不過,王慶指出,如果人民幣因政策干預而持續貶值,人民幣匯率優勢銳減,或會削減國企股對外資的吸引力。

東亞經濟師:弊端有三

東亞銀行首席經濟師鄧世安認為,受到近期減息影響,部分資金開始流出中國,因此,人民幣匯價出現短暫下跌。他預計人民幣短期內將繼續震盪,但「長期而言,人民幣不會大幅貶值」。

另外,王慶反覆強調,「人民幣貶值一定弊大於利」。

他分析,貶值有利於出口,但會引發很多弊端,包括﹕

■對亞洲其他貨幣造成衝擊;

■與美國 的政府期望背道而馳,令中美關係緊張;

■大量資本可能進一步隨之流出等。

2000-01-01

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