作者/Author(s): Keith Bradsher 

網站來源/Source: The New York Times 

日期/Date: 06/18/2025 

關鍵字/Keywords: 財政、中國、美金 


摘要：
中國人民銀行（PBOC）計畫建立一個依賴多種主要貨幣的全球金融體系，以降低美元的主導地位。 
  • 中國人民銀行行長警告，過度依賴單一貨幣具有風險。若該貨幣發行國出現財政或監管問題，可能導致全球陷入金融危機。 
  • 川普政府曾主張讓美元對其他貨幣貶值，以提升美國商品對外國買家的吸引力，並減少美國的貿易赤字。但這可能會加劇美國的聯邦預算赤字問題。 
  • 今年美元兌歐元匯率下跌，但中國維持人民幣兌美元的匯率，反而讓中國商品在其他市場更具競爭力。 
  • 雖然人民幣的使用量有增加，但美元仍穩居貨幣金字塔頂端，其次為歐元。 
  • 中國人民銀行行長也批評美國將美元武器化，限制被美國制裁的國家與中國之間的貿易。因此，中國轉而使用對美元曝險程度較低的小型中資銀行與這些國家交易。 
  • 美元的主導地位也使其成為現行跨境支付系統的核心。中國人民銀行也呼籲採用新技術作為替代方式，實現不依賴美元的貿易支付。中國亦鼓勵全球南方國家與中國之間的部分貿易使用人民幣結算。 
  • 然而，人民幣作為想要替代美元的貨幣，在國際化方面仍面臨幾項障礙： 
  1. 中國擁有龐大且不斷擴大的貿易順差，這反而限制了它在全球貿易與債務結算中的角色。 
  2. 中國實施嚴格的資本管制，導致人民幣作為價值儲存工具的吸引力不足。 
 
Summary: 
The People's Bank of China (PBOC) plans to create a global financial system relying on multiple major currencies to reduce the dominance of the U.S. dollar. 
  • The governor of the PBOC warned of the dangers of overdependence on one single currency. If the issuer of the dominant currency has fiscal and regulatory problems, the world could plunge into a financial crisis.  
  • The Trump administration touted the idea of weakening the dollar against other currencies to make U.S. products more attractive to foreign buyers and reduce the American trade deficit. However, it could exacerbate the U.S.'s federal budget deficit problems. 
  • The U.S. dollar had weakened against the Euro this year, but its value dropped as China maintained the Renminbi with the dollar, making Chinese products more competitive elsewhere. 
  • Although the Renminbi saw an increase in usage, the U.S. dollar is still at the top of the currency pyramid, followed by the Euro. 
  • The PBOC's governor also criticized the U.S. weaponization of the dollar, which restricted China's trade with U.S.-sanctioned countries. Consequently, China traded with these countries using small Chinese banks with minimum exposure to the U.S. dollar. 
  • The U.S. dollar's dominance also makes it central to the current cross-border payment arrangement. The PBOC was also called on to use new technologies as alternatives to the current system to conduct trade without the dollar. China also encouraged global southern countries to settle some of their trade with China in Renminbi. 
  • Yet, China's Renminbi internationalization as an alternative to the U.S. dollar faces some obstacles: 
  1. China had a large and increasing trade surplus, limiting its role in trade and debt settlement. 
  2. China had strict capital control, making the Renminbi unattractive for storing value. 
 
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