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受非典影响,4、5月份工业生产明显减缓,物价涨幅回落、消费增长大幅下滑。但投资势头仍旧旺盛,中国经济在震动中继续增长。美元贬值,名义上使与美元挂钩的人民币汇率升值幅度收窄,导致许多国家要求人民币升值的呼声增大。近期贷款增势凶猛,丝毫没受非典影响。由贷款增长、货币增长、储蓄增长所形成的“三高”态势,对金融层面的影响大于对经济层面的影响,也使得央行支持经济增长、保持金融稳定和促进内外币协调的政策操作更为困难,更多地面临“蒙代尔三角”的困惑。
Affected by the SARS, the industrial production in April and May slowed down obviously, the price increase dropped back and the consumption growth dropped sharply. However, the investment momentum is still strong and the Chinese economy continues to grow during the shock. The devaluation of the U.S. dollar, which has nominally narrowed the appreciation of the RMB exchange rate linked to the U.S. dollar, has led many countries to increase the demand for RMB appreciation. The recent upsurge in loans has not been affected by SARS. The “three highs” formed by loan growth, monetary growth and savings growth have a greater impact on the financial level than on the economic level. They also allow the central bank to support economic growth, maintain financial stability and promote the coordination of domestic and foreign currency. Difficulties, more confront the “Mundeer Triangle” confusion.