中国为什么要打破刚兑？

近年来，中国一直致力于推动金融改革的进程。其中之一就是打破刚兑制度，这意味着人民币不再与外汇一对一地兑换。那么，为什么中国要采取这样的措施呢？本文将从几个角度解释这个问题。

首先，打破刚兑有助于提升中国的金融市场稳定性。在过去，人民币的刚兑制度使得国内企业和个人在面对国际金融风险时很难应对。当全球经济遭遇危机或金融市场动荡时，人民币的刚兑制度可能会受到巨大的冲击，从而引发金融风险。而通过打破刚兑，中国可以更好地应对外部冲击，保护国内金融市场的稳定。

Secondly, breaking the peg helps China to enhance its monetary policy independence. Under the fixed exchange rate regime, the value of the Chinese yuan is determined by the value of the pegged currency, usually the US dollar. This limits the ability of China's central bank to use monetary policy tools to manage domestic economic conditions effectively. By abandoning the peg, China gains more flexibility in setting its monetary policy according to its own economic needs, including controlling inflation and promoting economic growth.

其次，打破刚兑有助于提高中国货币政策的独立性。在固定汇率制度下，人民币的价值由绑定的货币价值决定，通常是美元。这限制了中国央行使用货币政策工具有效地管理国内经济状况的能力。通过放弃刚兑制度，中国在根据自身经济需要制定货币政策方面获得更大的灵活性，包括控制通胀和促进经济增长。

Furthermore, breaking the peg promotes internationalization of the Chinese yuan. As China continues to play a significant role in global trade and investment, there is a growing demand for the use of Chinese yuan in international transactions. By abandoning the peg, China can develop a more market-driven exchange rate system, which is more conducive to the internationalization of its currency. This will further enhance China's influence in the global financial system.

此外，打破刚兑推动了人民币国际化的进程。随着中国在全球贸易和投资中发挥越来越重要的作用，对人民币在国际交易中使用的需求不断增长。通过放弃刚兑，中国可以发展一个更具市场驱动的汇率体系，更有利于人民币的国际化进程。这将进一步增强中国在全球金融体系中的影响力。

In addition, breaking the peg can help China to address imbalances in its economy. Under the fixed exchange rate system, China tends to accumulate large foreign exchange reserves to maintain the peg. These reserves, often denominated in US dollars, are invested in low-yielding assets, leading to a suboptimal allocation of resources. By allowing the exchange rate to fluctuate more freely, China can adjust its trade balance and encourage the development of domestic industries, ultimately promoting a more balanced and sustainable economic growth.

此外，打破刚兑有助于中国解决经济不平衡问题。在固定汇率制度下，中国倾向于积累大量外汇储备以维持汇率。这些通常以美元计价的外汇储备被投资于低收益资产，导致资源配置不理想。通过允许汇率更加自由波动，中国可以调整其贸易平衡和促进国内产业的发展，最终促进更加平衡和可持续的经济增长。

In conclusion, breaking the peg is a crucial step for China in its ongoing financial reforms. It enhances the stability of China's financial market, increases the independence of its monetary policy, promotes internationalization of the Chinese yuan, and helps address economic imbalances. While there may be challenges and uncertainties in the process, the benefits of breaking the peg outweigh the costs for China's long-term development.

总而言之，打破刚兑对于中国来说是金融改革的重要一步。它增强了中国金融市场的稳定性，提高了货币政策的独立性，推动了人民币的国际化进程，并有助于解决经济不平衡问题。虽然在这个过程中可能存在挑战和不确定性，但对于中国的长远发展来说，打破刚兑的好处大于其成本。

英文翻译对照：

Firstly, 打破刚兑有助于提升中国的金融市场稳定性。

Secondly, breaking the peg helps China to enhance its monetary policy independence.

Furthermore, breaking the peg promotes internationalization of the Chinese yuan.

In addition, breaking the peg can help China to address imbalances in its economy.

In conclusion, breaking the peg is a crucial step for China in its ongoing financial reforms.