Why does China choose to lower interest rates when the US dollar raises interest rates?

美国一直在加息，中国为什么却决定降息？

以下是Quora网友的评论：

China - World Leader.

Because China, unlike many western countries and the US in particular, didn't irresponsibly print excessive money during the pandemic to boost the economy. Therefore China doesn't need to deal with huge inflations which many western countries are experiencing now.

The ‘prosperous’ economy in the west isn't really prosperous but a result of excessive printing of money. You know the cost of many of your everyday goods and services have doubled after the pandemic. Your real buying power didn't rise indeed, many have gone backwards. Westerners are facing the huge burden of repayments of their home loans and credit card debts.

因为与许多西方国家，尤其是美国不同，中国在新冠疫情期间没有不负责任地通过开动印钞机来提振经济。因此，中国无需应对许多西方国家目前发生的巨大通胀。

西方的“繁荣”经济并非真正的繁荣，只是无节制印钞的结果。新冠疫情后，许多日常用品和服务业的价格翻了一番。实际上，你的实际购买力并没有上升，许多人的购买力实际上反而下降了。西方人正面临着偿还住房贷款和信用卡债务的巨大负担。

China is in the process of transforming and upgrading its excessive production of low end goods to high end goods that produce higher profit and be more environmentally friendly the same time. In the long run, this transformation will benefit the entire nation as a whole and make China's economy undeniably strong. China is making every concrete step to become the strongest economy in the world while the US government is using the last credit its predecessors accumulated to dress up that fake prosperity. People around the world have awakened and start dum the USD rather than buying it. It won't be long before we see the US falling off the cliff once all its credits get used up.

而中国正处于从大量生产低端产品转向利润更高、更环保的高端产品转型升级的过程中。从长远来看，这一转变将使整个国家受益，并大大增强中国经济的实力。中国正稳步踏出每一步，向着世界上最强大的经济体而前进，而美国政府只是在消耗过往积累的信誉来粉饰虚假的繁荣。世界各地的人们已经开始觉醒，开始抛售美元。用不了多久，我们就会看到美国经济迅速崩盘。

China - World Leader.

That's part of the facilitation being given to the Global South to quit depending on the USD.

Here comes the better alternative.

As the most economically powerful member of BRICS, it cannot follow US interest rate policy.

Otherwise, why would other nations want to join BRICS?

这是对南半球国家的引导，让她们逐步摆脱对美元的依赖。

更好的选择来了。

作为金砖国家中经济实力最强的成员国，中国不能跟随美国的利率政策。

否则，其他国家为什么要加入金砖国家呢？

William Simpson

China has no problems with inflation. If anything it may have to watch deflation. China has a slowing economy with some worried about youth unemployment and oversupply of property. These issues suggest lowering interest rates.

The USA has had, and may yet still have, an issue with inflation. It's down to 3.2%, but the labour market is very tight and it's possible that could generate wage and price pressures. US politics also looks volatile and financial markets are edgy. The Ideal policy looks like steady on interest rates with a bias towards raising them.

因为中国不存在通货膨胀的问题。中国可能要关注的是通货紧缩。中国经济正在放缓，有些人担心年轻人失业、房地产供应过剩。这些问题意味着政府必须降低利率。

但通胀问题已经在美国发生，而且可能继续存在。虽然失业率降至3.2%，但劳动力市场非常紧张，可能会导致工资和物价压力。美国的政坛看起来也不太稳定，金融市场也很紧张。理想的政策应该保持利率稳定，并提高利率。

MDRiggs

The U.S. Federal Reserve has raised interest rates to combat inflation. China has the opposite problem, as its economy is sagging, potentially to the point of becoming deflationary (which can be a much bigger problem than moderate inflation).

美国联邦储备委员会提高利率来对抗通货膨胀。但中国的问题恰恰相反，因为中国经济正在放缓，可能会走向通缩，这可能是一个比适度通胀严重得多的问题。

Amr Lialy

Interest rate is a monetary tool used by government center bank to alter certain exchange value of its national currency towards other currencies.

It's 2 edge dagger, in one side it provides bank depositors with passive income and at the same time withdraw some of money quantities in circulation into bank accounts thus manipulating inflation and money value depreciation .

利率是政府中央银行用来调整本国货币对其他货币汇率的一种货币工具。

它是一把双刃剑，一方面为银行储户提供被动收入，同时将部分流通中的货币吸引到银行账户，从而操纵通货膨胀和货币贬值。

On the other edge, money deposited and withdrawn from circulation is affecting private equity amounts availability, also increased interest rate affects loans interest whether consumer or investment loans, hence affecting both private expenditure and private investment due to high cost of borrowing from banks, which will certainly affect negatively both consumption and expenditure and negatively affecting investment and supply resulting in more inflation.

另一方面，货币的存取影响了私募股权的规模，利率的提高也影响了贷款利息（无论是消费贷款还是投资贷款），因此，从银行借款的成本也会抬高，私人消费和私人投资都会受到影响，这肯定会对消费和支出产生负面影响，也会对投资和供应产生负面影响，进一步刺激通货膨胀。

Kee interest rates at stable rates or decreased levels are certainly aiming to activate investment and supply and hence increase consumption and expenditure meaning an active attractive economy to lure in new investors and new equity.

In my believe, another action should be applied simultaneously with lowering interest rate , that is to lower taxes on working capital .

将利率保持在稳定水平或下调利率，则是为了激活投资和货币供应，从而增加消费和支出，这意味着经济活跃，可以吸引新的投资者和资本。

我认为，在降低利率的同时，还应该采取另一项行动，那就是降低流动资金的税费。

James Allen

China is bordering on the edge of DEFLATION. By lowering interest rates they hope to make money “easy”, to kickstart flagging growth. The US has an economy that, due to Democrat overspending over a very short time span, is swimming in cheap money, prices are spiraling and higher interest rates have a negative effect on growth, thus “cooling” inflation.

中国正处于通货紧缩的边缘。他们希望通过降低利率“轻松”赚钱，以刺激萎靡不振的经济。由于民 主党在很短的时间内过度支出，美国经济资金太过充裕，物价正在螺旋式上升，提高利率对经济增长会产生负面影响，为通胀降温。

David Kloth

China has its own economy, and it doesn’t necessarily track with the US economy. In fact, China has its own problems which are different from US problems.

The US has been experiencing high inflation, although it has improved. In June 2022, US inflation was over 9%, but because of interest rate increases by the Fed, the June 2023 rate was down to 3%. In China, the rate of inflation has been about 0.25%.

中国有自己的经济，不一定要跟随美国经济。事实上，中国也存在自己的问题，中国的问题和美国并不相同。

美国的高通胀问题一直未能彻底解决。2022年6月，美国通胀超过9%，但由于美联储加息，2023年6月的通胀率降至3%。而中国的通胀率一直维持在0.25%左右。

While US GDP, which is reflective the relative strength of our economy, has been rolling along at around 4% annualized at the end of the second quarter. That’s healthy, but not overheated. On the other hand, China has been struggling to maintain economic growth. China’s number has been bouncing around at about the same rate of growth as the US, but China must grow more and faster to support its huge population.

而反映我们经济相对实力的美国GDP，在第二季度末一直保持每年4%左右的增长率。这个增长速度很健康，并不会过热。而中国一直在艰难地保持经济增长。中国的人口数量一直在以和美国相同的速度反弹，但中国经济必须增长得更多、更快，才能支持其庞大的人口。

So, in the US inflation has been a problem, but the economy has been strong. To control inflation, we needed higher interest rates that would hopefully not end in recession.

In China inflation isn’t a concern at all, but the economy needs to be encouraged to grow. Lower interest rates are appropriate.

所以，在美国，通胀一直存在，但经济发展却也一直强劲。为了控制通胀，我们需要更高的利率，希望不会导致经济衰退。

但在中国，虽然不存在通胀问题，但经济需要刺激鼓励才能保持增长，所以低利率才是对症良方。

Tom Chechatka

Because the burden of debt in China is becoming overwhelming? Their banking system has inflated by over 10x in the past fifteen years and this, I believe, is not easy to do if due diligence were stringent over the course of this massive expansion.

Although it is understood that China is selling dollar assets to support the yuan, a move to lower interest rates could suggest that a controlled depreciation of the yuan is being orchestrated in an effort to slow imports and conserve capital, as well as hasten exports and improve capital inflows.

因为中国的债务负担越来越严重？中国的银行业在过去15年里扩大了10倍多，我认为，如果在这种大规模扩张的过程中很难严格进行尽职调查。

中国正通过出售美元资产来支持人民币，此举虽可以理解，但降息的举动可能表明，中国正在精心策划有节奏的人民币贬值，减少进口和资本流出，并加快出口、增加资本流入。

Paul Denlinger

Related

How will the Fed's interest rate hike impact China?

It will help the further depreciation of the yuan, which will in turn help Chinese exports. Since the chinese wants to stimulate Chinese exports, this will be good.

It will also help capital flight to the dollar from China. This is not necessarily in line with what the chinese wants, but recently Chinese banks have tightened their capital controls to make it harder to take money out of China.

In the past 15 years, a lot of hot money has found its way to China, and having some of it flow out again may be more in line with what the chinese wants to achieve, as it will let off some inflationary pressure.

美联储加息对中国有何影响？

这有助于人民币完成进一步贬值，促进中国的出口。鉴于中国希望刺激中国的出口，这正是好事一桩。

这也会鼓励资本从中国转出，换成美元。这并不符合中国的要求，最近中国的银行收紧了资本管制，加大了资金流出中国的难度。

在过去15年里，大量热钱进入中国，让一部分热钱再次流出中国可能更符合中国的目标，可以缓解一些通胀压力。

Joseph Loh

Why does China lower interest rates?

China Cuts Rate by Most Since 2020 as Economic Woes Deepen. The People's Bank of China (PBOC) building in Beiing. China's central bank unexpectedly reduced a key interest rate by the most since 2020 to bolster an economy that's facing fresh risks from a worsening property slump and weak consumer spending. The interest rate hike by the Federal Reserve narrows the interest rate gap between China and the US, increases the return on US capital investment, and attracts international capital to flow across the border, thus increasing the demand for US dollars and the appreciation of the US dollar under the condition that the inflation rate is raising uncontrollably.

中国为什么降息？

随着经济困境加剧，中国进行了2020年以来最大幅度的降息。中国央行提振中国经济，对利率进行了至2020年以来的最大下调。中国经济正面临房地产市场低迷和消费支出疲软带来的新风险。美联储加息缩小了中美利差，提高了美国资本投资回报率，吸引了国际资本跨境流动，从而在通货膨胀率失控上升的情况下，增加了市场对美元的需求和美元的升值。

Masao Miwa

Related

Which is worse for China, US rate increase or US dollar increase?

My opinion, ‘none of the above’. US interest rates don’t affect China directly. The only area it has an effect is in their treasury notes. If interest rates go up, the value of the treasures goes down. Increasing the value of the dollar, again has no direct correlation. It could make the Chinese Yuan look lower in value, which would help China sell more to America because Chinese products would be cheaper.

Both, a rate increase and/or increase in dollar value affect the US directly. A rate increase makes loans more expensive. Increase dollar value allows consumers to buy more.

美国加息和美元加息，哪个对中国更不利？

我的观点是‘两者对中国都没有不利影响’。美国利率不会直接影响中国，只会对美国国债产生影响。如果利率上升，国债的票面价格就会下降。美元升值也没有直接关系。这可能会让人民币贬值，但中国商品价格下降会有利于中国对美国的出口。

加息和/或美元升值都只会直接影响美国。加息会增加贷款成本。美元升值可以让消费者买到更多商品。

Peter Elliott

Related

How would negative interest rates affect the money owed by the USA to China?

It’d make it more valuable. If you have a debt that you’re paying 2% on and another debt that you’re paying nothing on, and they’re both for sale, which debt would people rather buy?

So the US debt to China is at a fixed interest rate right. The US issues more debt at a zero rate, the buyers of that debt would much rather buy the US debt off the Chinese.

Said Chinese are selling their US debt and buying up gold at the moment anyway, so it’d be a bit of a windfall for them.

利率会如何影响美国欠中国的钱?

这会让美国国债更有价值。如果你有一笔贷款利息为2%的国债和另一笔不用付任何利息的国债，人们会更愿意买哪种呢？

所以美国欠中国的债务采用的是固定利率。美国现在以零利率发行更多国债，国债买家更愿意从中国手中购买美国国债。

听说中国人现在正在抛售手中的美国国债，购买黄金，所以这对他们来说是一笔意外之财。

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