前中國央行貨幣政策委員會委員本周二稱，中國設定人民幣匯率的新方式“鼓勵了”資本的外流，而且導致了人民幣的日漸貶值。

余永定《上海證券新聞》中寫道，人民銀行所采取的人民幣中間價設定新機制并沒有真正實現匯率的“雙向波動”，而且還減少了外匯儲備。

余永定寫道，“防止人民幣實現市場供需平衡的舉措在客觀上是拒絕增加資本外流的成本。”余曾擔任中國人民銀行顧問，并曾擔任其貨幣政策委員會委員。

“此舉甚至在鼓勵資本外流。”

在8月份做出調整之前，人民銀行通過貨幣市場做市商的報價來設定每日的中間價，而人民幣中間價的新設定機制基于前一天的收盤價，并參考了一攬子貨幣的匯率。

國際貨幣基金組織副總裁大衛·利普頓周二在北京舉行的某論壇上指出，在過去幾年中，人民銀行決定給予一攬子貨幣更多的關注，而不是讓人民幣唯美元馬首是瞻。

利普頓表示，“主要的一點在于，人民銀行逐漸開始讓靈活性和市場力量發揮決定性的作用，我們也看到，人民幣有意向一攬子貨幣看齊，而不是某一單一的貨幣。”

人民幣兌美元的匯率今年下跌了6.1%，周二降至8年半以來的最低點。這個月以來，這一匯率下探了1.6%。

路透社上周稱，中國決策者準備放緩人民幣的跌幅，因為他們害怕人民幣的暴跌，尤其是跌破7的心理底線，會引發資本的迅速撤離。

官方媒體《經濟日報》周二在評論中指出，中國必須依靠結構性改革來扭轉人民幣的貶值預期。

中國社科院國家智囊團院士余永定在周二寫道，貨幣政策的獨立受到了人民幣匯率新設定機制的影響，它進一步惡化了因資本管制而引發的市場扭曲。

然而，余還提到，鑒于中國的經濟基本面，人民幣不會出現大幅貶值。

余說：“我們還有資本管制這一最后的防御手段。我們沒有必要對人民幣短期的波動性貶值感到過度擔憂。”

譯者：Charlie

審校：夏林

The new way China fixes the yuan exchange rate “encourages” capital flight and has led to a gradual depreciation of the currency, a former member of the central bank’s Monetary Policy Committee said on Tuesday.

Yu Yongding wrote in the Shanghai Securities News that the new mechanism adopted by the People’s Bank of China to set the yuan’s midpoint rate did not allow for “true two-way volatility” in the exchange rate, and had hurt foreign exchange reserves as a result.

“Preventing the yuan from reaching market equilibrium is objectively a rejection of raising the cost of capital flight,” wrote Yu, a former adviser to the PBOC and one-time member of its monetary policy committee.

“It even encourages capital flight.”

Before the changes adopted in August, the PBOC set the daily fixing by asking currency market makers for price quotations. The new mechanism to fix the yuan midpoint is based on the closing price from a day earlier and by reference to a basket of currencies.

International Monetary Fund Deputy Managing Director David Lipton said at a forum in Beijing on Tuesday that over the past several years the PBOC decided to give more weight to the basket rather than think about yuan parity just with the dollar.

“The main point is that more and more the PBOC is allowing flexibility and market forces to be the determining factor and what we’re seeing is that the RMB tends to move more with the basket rather than any particular currency,” said Lipton.

The yuan, also known as the renminbi, has fallen 6.1% against the dollar so far this year, and hovered near an 8-1/2-year low on Tuesday. So far this month it has lost around 1.6% against the greenback.

Reuters reported last week that Chinese policymakers were prepared to slow the yuan’s decline because they feared rapid capital flight if the currency fell too quickly, and especially if it fell through the psychologically important 7-per-dollar level.

A commentary on Tuesday in the official Economic Daily newspaper said that China must rely on structural reforms to reverse expectations for yuan depreciation.

Yu, an academic at the Chinese Academy of Social Sciences state think tank, wrote on Tuesday that the independence of monetary policy had been affected by the new yuan fixing mechanism and it had worsened the market distortions caused by capital controls.

However, Yu also noted that Chinese economic fundamentals did not support a sharp depreciation in the yuan.

“We have capital controls as the last line of defense. It is not necessary for us to worry too much about the short-term and volatile depreciation in the yuan,” Yu said.