中国：人民币升值是否有助于再平衡？

January 23, 2026 09:51 AM GMT 亚洲经济 | Asia Pacific M Idea 观点：中国：人民币升值是否 有助于再平衡？ 我们不认同近期市场上日渐形成的观点⸺认为人民币升值将 有助于推动中国经济再平衡。大幅升值将阻碍通缩出清、压 缩企业利润率，并放缓工资增速。要实现可持续的再平衡， 仍需要大规模财政宽松以提振消费。 要点 In this report, we discuss why we think RMB appreciation will be more limited than the emerging consensus, and why it would not help ease deflationary pressures and rebalance the economy. This translated report is made available for convenience only and is based on the original research report published in English. In the event of ...