[20201231]IF10049_汇率和货币操纵.pdf

https:/crsreports.congress.gov Updated December 31, 2020Exchange Rates and Currency ManipulationAn exchange rate is the price of one currency in terms of another currency. Exchange rates are some of the most important prices in the global economy: they affect international trade and financial flows and the value of every overseas investment. Policymakers have long expressed concerns that a country may intentionally weaken the value of its currency in order to boost exports at the expense of other countries. The United States has sought to counter so-called currency manipulation through a variety of policy tools. Currency manipulation is a controversial concept; there is debate about if, and if so how, it can be effectively addressed. Frameworks to Address Currency Manipulation International Monetary Fund Concerns about unfair exchange rate practices are rooted in the experiences of the 1930s, when countries repeatedly devalued their currencies to boost exports in response to widespread high unemployment and negative economic conditions. Competitive devaluations of the 1930s are widely viewed as contributing to the Great Depression. After World War II, countries created a new inter