Group 1 - The core argument revolves around the comparison of the value of the Chinese Yuan (RMB) and the US Dollar (USD), highlighting that the RMB has not consistently appreciated over the decades, with a significant depreciation observed from 1979 to 2025 [2] - The concept of purchasing power parity (PPP) is discussed as a valuable tool for evaluating a country's economic balance, but it is argued that using PPP to define the actual exchange rate of RMB against USD is flawed, as it does not account for international pricing mechanisms [4] - The article emphasizes that while PPP can serve as a reference tool, it cannot fully capture the dynamic nature of market conditions, supply and demand, and the real value of currencies [6] Group 2 - The long-standing trade deficit between China and the US is attributed to China's low labor costs and high purchasing power, which does not necessarily indicate that the RMB is more valuable [8] - The article points out that the low living costs in China, combined with a hardworking population, have led to overcapacity and squeezed corporate profits, raising questions about the true value of labor in the market [8] - The potential for a financial crisis is mentioned if foreign exchange controls are lifted, suggesting that the true value of the RMB would be tested in a freely convertible currency environment [8]

Core Viewpoint - The Bank of Japan's policy board member, Naoki Tamura, stated that Japan's real exchange rate is very low, indicating potential implications for the country's economic competitiveness and monetary policy [1] Group 1 - The statement highlights concerns regarding Japan's real exchange rate, which is perceived as undervalued [1] - This low real exchange rate may affect Japan's export competitiveness and overall economic growth [1] - The commentary suggests that adjustments in monetary policy may be necessary to address the implications of the low real exchange rate [1]

美国总统特朗普3月3日点名批评日元和人民币贬值，导致日元汇率一度升值。事实上，最近外汇市场上 出现了特朗普为纠正美元升值而着手构建新国际框架的猜测。市场警惕的最大的风险情景是"第二次广 场协议"，但要实现存在很高的障碍。 话题的中心是《重构全球贸易体系的用户指南》(A User's Guide to Restructuring the Global Trading System)。这是美国对冲基金哈德逊湾资本管理公司(Hudson Bay Capital Management)于2024年11月发布 的41页报告。报告中提到的"海湖庄园协议（Mar-a-Lago Accord）"一词如今已成为世界外汇市场的流行 语。 在外汇市场引发热议 撰写者是高级策略师斯蒂芬・米兰，是被提名为特朗普政府白宫经济顾问委员会(CEA)主席的人物。米 兰在其中指出，"美元由于作为世界外汇储备的需求而变得高估，而美国国内的制造业和可贸易商品的 生产商正在承担这一成本"。 这一观点与特朗普总统的主张相一致。特朗普3月3日指出"无论是日本的日元，还是中国货币，如果使 之兑美元贬值，对美国来说都会带来非常不公平和不利的局面"。在此基础上 ...