零度棋牌

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                              1. 当前位置:零度棋牌 > 评论 > 正文

                                高善文:提高人民币汇率弹性宜早不宜晚2015-12-12 10:52:41 | 编辑: | 查看: | 评论:0

                                网易财经12月8日讯 安信证券首席经济学家高善文今日发布有关人民币纳入SDR的评估报告,报告指出,人民币加入SDR是人民币国际化、中国经济金融实力上升以及对国际金融影响力上升的标志性事件。人民币加入SDR与汇率形成机制及资本账户是否开放无关。

                                DUANQILAIKAN,ZHEIKENENGHUIYINDAOZHONGYANGYINXINGLEIJIGOUZENGJIADUIRENMINBIZICHANDEPEIZHI,SIRENBUMENDUIRENMINBIZICHANDEPEIZHIKENENGYEHUISHOUDAOZHENGMIANYINGXIANG;JIARUSDRDUIZHONGGUOJINRONGSHICHANGDEYINGXIANGBUHUITAIDA,QIZHENGMIANBIANJIYINGXIANGYINGGAIDAYUFUMIANFENGXIAN。RENMINBIJIARUSDRYINFADEZIBENLIURU,YOUZHUYUHUANCHONGMUQIANZIBENWAILIUDEJUMIAN,ZAIJIARUSDRHOU,TIGAORENMINBIHUILVDEDANXINGXIANDEGENGWEIZHONGYAO。

                                人民币加入SDR面临的风险

                                DAJIADOURENWEIRENMINBIJIARUSDRSHIYIJIANHAOSHI,DANZAIZHEIGESHIJIESHANG,FANSHIXINGYILIBISHENGYIBI。RENMENDUIYUJIARUSDRDAILAIDEFENGXIANSIHUTAOLUNBUDUO。NEIMEJIARUSDRJIUMEIYOURENHEBIDUANHEFENGXIANMA?

                                JULILAISHUO,DIERCISHIJIEDAZHANYILAI,MEIYUANSHIZUIZHUYAODEGUOJICHUBEIHUOBI,TAZAISDRCHUCHUANGSHISHIYUQIGUAGOUZUIZHUYAODEHUOBI,YEYONGYOUZUIDADEQUANZHONG。SHANGSHIJI70NIANDAI,SHIYOUJIAGEDEDAFUSHANGSHENGCHANSHENGLEDALIANGSHIYOUMEIYUAN,BINGYIBAOKUOGUANFANGCHUBEIZAINEIDEDUOZHONGXINGSHILIURULEMEIGUOJINRONGSHICHANG。YOUYUYONGRULEDALIANGSHIYOUMEIYUAN,MEIGUODEJINRONGTIXIXUYAOWEIZHIZHAODAOCHULU,ZUIHOUDEJIEJUEBANFASHIXIANGLAMEIGUOJIAFANGDAI。

                                RANERZAI80NIANDAICHU,SUIZHESHIYOUMEIYUANLAIYUANDEKUJIEHEQITAGUOJISHIJIANDECHONGJI,ZHEIGEGUOCHENGBEINIZHUAN,DAIKUANDESHOUHUICHUXIANWENTI,YINFALEGUOJIZHAIWUWEIJI,YIXIEMEIGUODEDAYINXINGCHADIANPOCHAN。HUIGUOTOULAIKAN,RUGUOMEIYUANBUSHIDANGSHIZUIZHUYAODEGUOJICHUBEIHUOBI,ZHEICIWEIJISHIBUHUIBAMEIGUOJINRONGTIXIQIANCHEJINQUDE。YOUYUMEIYUANJUYUZHUYAOGUOJICHUBEIHUOBIDIWEI,GUOJIHONGGUANJINGJICENGMIANDESHIHENGHEYALIDOUXUYAOMEIGUODEJINRONGTIXIQUDIAOJIEHEXISHOU,ZHEIYIGUOCHENGQIANZANGZHEHENDUOFENGXIAN。

                                DIERGELIZISHI,2008NIANMEIGUOJINRONGWEIJIBAOFAQIAN,QUANQIUFANWEINEIZAICICHUXIANLEYANZHONGDEGUOJICHUXUGUOSHENG。YIZHONGGUOWEIDAIBIAO、DANBUJUXIANYUZHONGGUODEXUDUOGUOJIA,QIWAIHUICHUBEIDAFUDUSHANGSHENG,DALIANGZIJINZHUYAOLIUXIANGMEIGUOJINRONGSHICHANG,JIANGMEIGUODEZHANGQILILVCHIXUDIYAZHIZAIGUODISHUIPING。DILILVYUQITAYINSUJIEHEQILAI,CIJILEMEIGUOFANGDICHANSHICHANGDEPAOMO,JINERYINFACIDAIWEIJI,MEIGUOJINRONGTIXIJIJINJIETI。

                                我想用上述两个案例说明的是,人民币一旦成为国际储备货币,中国的金融体系必须承受吸收和调节国际储蓄和国际经济失衡的压力。假设说,未来石油价格再次大幅度上升,大量石油资金流入中国金融市场,这会不会导致中国的资产价格泡沫,会不会导致中国的房地产泡沫,会不会在泡沫破灭时严重损害中国的金融体系和经济稳定?这是人民币加入SDR之后,理论上存在的第一种风险。

                                第二个风险在于,国际资本流动的变化,特别是国际金融市场环境、条件的变化会引起国际储备资产配置的调整。如果人民币作为国际储备货币,这种调整就会影响到中国金融市场的定价,进而影响到整个金融体系和经济活动,这种冲击和影响未必是有利的。

                                零度棋牌JULILAISHUO,JINNIAN8YUEFENZHONGGUOCHUXIANHUILVBODONG,TONGQIMEIGUODEJINGJISHUJUYEBUHAO。ZAICITIAOJIANXIASHICHANGDUIYU9-10YUEFENLIANCHUJIAXIDEYUQIDAFUDUJIANGDI。YIBANDEKANFASHI,ZHEISHIMEIGUOZHANGQIGUOZHAIDELILVYEYINGGAIHUIXIAJIANG。

                                DANSHISHIJIQINGXINGSHI,YIXIESHICHANGJIAOYIYUANRENWEIZHEIDUANSHIQIZUODUOZHANGQIGUOZHAIBIPINGSHIGENGKUNNAN。DUICIDEYIGEJIESHISHI,ZHONGGUODENGGUOJIAZAIZHAIQUANSHICHANGSHANGDALIANGPAOSHOUMEIGUOZHANGQIGUOZHAIYICHOUJIMEIYUANXIANJIN,QUWENDINGHUILV,ZHEIDUIMEIGUOGUOZHAIXINGCHENGLEMINGXIANYALI。CONGSHUJUSHANGKAN,9-10YUEFENZHONGGUOJINRONGJIGOUWAIHUIZHANKUANXIAJIANGGUIMOKENENGZAI2000YIMEIYUANYISHANG,ZHEIGESHUMUFANGZAILISHISHANGDOUSHIFEICHANGDADE,DUISHICHANGCHANSHENGYIXIECHONGJIYEKEYIXIANGXIANG。

                                零度棋牌TONGGUOZHEIZHONGFANGSHI,GUOJIJINGJIJINRONGCHONGJIJIANGZHIJIEYINGXIANGDAOGUONEIJINRONGSHICHANGDEYUNZUO,QIYINGXIANGWEIBISHIWOMENSUOLEJIANDE。

                                人民币加入SDR的好处

                                零度棋牌JIARUSDRDEHAOCHUZAINALINI?SHOUXIAN,SUIRANSDRBUQIANGZHI,DANSHIZAIYIDINGCHENGDUSHANGHUIGULIZHONGYANGYINXINGLEIJIGOUZAIXIANYOUJICHUSHANGZENGJIADUIRENMINBIZICHANDEPEIZHI;QICI,JIARUSDRYIJIZHONGYANGYINXINGJIGOUZENGJIAPEIZHISHIYIGEJIJIXINHAO,HUIGULIHEYOUDAOQUANQIUFANWEINEIDESIRENBUMENZENGJIADUIRENMINBIZICHANDEPEIZHI。CONGLILUNSHANGLAIJIANG,ZHEILIANGGECENGMIANDOUHUIKUODAZHONGGUOZIBENDELIURU。QIHAOCHU,WORENWEIZHISHAOBAOKUOSIGEFANGMIAN:

                                增强中国金融市场的稳定性

                                ZHONGGUOJINRONGSHICHANGDEBODONGXINGSHIFEICHANGQIANGDE,QIBODONGCHENGDUZAIQUANQIUDAXINGJINGJITIZHONGSHIFENHANJIAN。GUANCHAZHONGGUOZIBENZHANGHU,NIHENNANJIANDANJIANGQIGAIKUOWEIGUANBIDE。ZAIWAISHANGZHIJIETOUZI(FDI)DELIURUFANGMIAN,ZHONGGUODEZIBENZHANGHUSHIWANQUANKAIFANGDE,SHENZHICAIYONGCHAOGUOMINDAIYUXIYINWAISHANGTOUZI。HUANGEJIAODULAISHUO,ZHONGGUOBINGBUSHIGUANBIZIJIDEZIBENZHANGHU,ERSHISHITUGUANBIDUANQI、GAODUTOUJIXINGDEZIBENLIURU。

                                零度棋牌XIANGDUIYUDALIANGDESIRENZIBENYIZUHEXINGSHITIXIANDELIUDONG,TEBIESHIQIZHONGSHIFENHUOYUEDEDUICHONGJIJIN,ZHONGYANGYINXINGWAIHUICHUBEIDEBIANDONGPINGJUNLAISHUOGENGHUANMAN,QIPINGJUNQIXIANYIBANJIAOZHANG,BINGQIEMEIYOUTOUJIXING,ZHEIJIANGWEIZHONGGUOJINRONGSHICHANGTIGONGBIJIAOWENDINGDEZIJINGONGYING,CONGERYOUZHUYUTIGAOXITONGDEWENDINGXING。

                                第扩大中国金融市场的规模,并进而提高金融市场的流动性

                                JINRONGSHICHANGGUIMOKUODAHELIUDONGXINGZENGQIANGDEJIEGUOSHIJIAOYICHENGBENDEXIAJIANG,BINGHUIZHUANHUAWEIJINRONGSHICHANGLILVSHUIPINGDEXIAJIANG。YIMEIGUOWEILI,YIXIEYANJIURENWEI,MEIYUANZUOWEIGUOJICHUBEIHUOBISUODAILAIDEMEIGUOJINRONGSHICHANGGUIMODEKUODA,YIJISHICHANGLILVXIAJIANGCHANSHENGDESHOUYIKEYIZHESUANWEIMEIGUONIANGDPDE0.25%-0.5%ZUOYOU。TONGGUOSHICHANGLIUDONGXINGDEZENGQIANG、GUIMODEKUODAYIJIJIAOYICHENGBENDEXIAJIANG,YOUZHUYUTISHENGJINRONGTIXIXIAOLV。

                                有助于在边际上引导长期投资和价值投资的理念

                                ZHONGGUOBAOKUOZHAIQUANSHICHANGZAINEIDEJINRONGSHICHANG,ZONGTISHANGSHIGAODUTOUJIXING、BOYISECAIFEICHANGNONGHOUDESHICHANG。ZHEIZHONGJUMIANCHANSHENGDEYIBUFENYUANYINZAIYUJINRONGSHICHANGBEIDALIANGSANHUZHUDAO。DANJIBIANZHAIQUANSHICHANGBUWANQUANYOUSANHUZHUDAO,YOUYUTOUZIJIGOUDEKAOHEZHOUQIFEICHANGDUAN,YECIJILEDALIANGFEICHANGDUANQIDE、BOYIXINGZHIDEJIAOYIXINGWEI。RANER,RUGUOYINJINLEZHONGYANGYINXINGLEIJIGOU,ZHEIXIEJIGOUDEJIAOYILINIAN、TOUZILINIAN、TOUZISHIYEDOUHUISHIBUYIYANGDE。ZHEIZHONGBUTONGZENGJIALEQUBIEYUGUOWANGDEXINJIAOYIDUISHOU,ZAIBIANJISHANGYOUZHUYUGAIBIANZHENGGESHICHANGDETOUZILINIANHEJIAOYIFENGGE,CONGERSHISHICHANGGENGWENDING、GENGLIXING。

                                引入或强化了中国金融改革和金融市场的外部约束

                                零度棋牌DANGZHONGGUOSHICHANGYINRULEWAIBUDETOUZIZHE,TEBIESHIYINRULEWAIBUDEZHONGYANGYINXINGLEITOUZIZHE,ZHEIDUIZHENGFUGUANLIJINGJI、GUANLISHICHANGDEXINGWEIHUIXINGCHENGYIZHONGDUTEDEYUESHU。RUGUOZHEIXIEZHONGYANGYINXINGTOUZIGUDINGSHOUYILEICHANPIN,JIUBIXUYANJIUZHONGGUODETONGHUOPENGZHANGHEHUOBIZHENGCEDENG,YOUCICHANSHENGDEGUANDIANHEXINGWEI,YEYOUZHUYUYINDAOZHONGGUOJINRONGTIXIXIANGZHEGENGWEIWENDING、GENGKEYUQI、GENGJIATOUMING、GENGJIAZUNXUNQIYUEJINGSHENDEFANGXIANGFAZHAN。

                                政府应就加入SDR与市场进行沟通

                                RENMINBIJIARUSDRYURENMINBIXINGCHENGJIZHIWUGUAN、YUZHONGGUOZIBENZHANGHUSHIFOUKAIFANGWUGUAN。DANXUDUOSHICHANGCANYUZHESIHUBUZHEIMERENWEI。

                                DUIYUJINGJIHEJINRONGHUODONGERYAN,ZHENXIANGBENSHENSHIYIJIANSHIQING,RENMENDUIZHENXIANGDEKANFASHILINGWAIYIJIANSHIQING。ZHEILIANGJIANSHIQINGBINGBUZONGSHIYIZHIDE,BINGQIEZAIXUDUOSHIHOU,RENMENDUIZHENXIANGDEKANFA(YEXUSHIPIANJIAN),BIZHENXIANGBENSHENGENGZHONGYAO。ZHEIZHONGQINGKUANGYINSHENCHULIANGGEFANGMIANDEXIANSHIWENTI:

                                零度棋牌DIYI,ZHENGFUGENSHICHANGDEGOUTONGCUNZAIGAIJINKONGJIAN。ZHENGFUZUOLEYIJIANHAOSHI,DANBUGENSHICHANGGOUTONG;SHICHANGBUXIANGXINZHENGFUSHIJISHANGZUOLEHAOSHI,ZHENGFUJINERRENWEIJISHIYUSHICHANGGOUTONGLEYESHIWUXIAODE。ZHEIBUSHIYIGEYOUXIAOLV、YOUZHUYUTIGAOSHICHANGWENDINGDEJUMIAN。

                                零度棋牌DIER,RENMINBIJIARUSDRDEJUEDINGXUANBUHOU,KENDINGHUIZAISHISHISHANGYINGXIANGZHONGGUODEZIBENLIUDONG、JINRONGSHICHANGDEDINGJIA,RUZHAIQUANDEJIAGEDENG。RUGUOLIANGGEYUEYIHOUWOMENZAILAIHUIKAN,YEXUWOMENHUIZAICIKANDAOZIBENLIUCHUHEWAICHUXIAJIANGDEJUMIAN。

                                零度棋牌WOMENZHIDAO,HUILVBODONGBUYIDINGYUJIARUSDRXIANGGUAN。LUOJISHANGZHEILIANGJIANSHIQINGDEQUEMEIYOUGUANXI;DANSHIZAIXIANSHIDINGJIASHANG,XUDUOSHICHANGCANYUZHEBUZHEIMERENWEI,JINERERZHEHENKENENGSHIYOUGUANDE。YINCI,GAISHANYUSHICHANGDEGOUTONGHENZHONGYAO。

                                对人民币加入SDR的中短期影响评估

                                零度棋牌JIEHESHANGWENSUOJIANGDEQINGKUANG,WOJIURENMINBIJIARUSDR,ZUOYIGEZHONGDUANQIYINGXIANGDEPINGGU。

                                零度棋牌CONGZHONGDUANQIDEKUADULAIKAN,YOUYUZHONGYANGYINXINGLEIJIGOUWAIHUICHUBEIDUIRENMINBIZICHANDEPEIZHIHUISHANGSHENG,ZHEIYEHUIYOUDAOYIXIESIRENBUMENZENGJIADUIRENMINBIZICHANDEPEIZHI。

                                PEIZHIDEGUIMOYOUDUODANI?WOCAICEWEILAI5NIANZUIDUOWEI5000YIMEIYUAN,ZHEHE3WANYIRENMINBIDUOYIXIE。LIYOURUXIA:1)DANGQIANKOUCHUZHONGGUODEWAIHUICHUBEIYIWAI,QUANQIUWAIHUICHUBEIDEGUIMOKENENGSHI6-7WANYIMEIYUAN。ZAIYOUJIAXIADIE、MEIYUANSHENGZHIDENGBEIJINGXIA,QUANQIUWAIHUICHUBEIGUIMOZAIPUBIANXIAJIANG,WEILAIYEXUHUIZAI5WANYIMEIYUANFUJIN;2)WEILAIWUNIAN,RENMINBIZICHANDEGUOJICHUBEIZHANBIBUTAIKENENGCHAOGUO10%。

                                中期来看:

                                加入SDR对中国金融市场的冲击有限

                                WUNIANYIHOU,ZHONGGUOGAOLIUDONGXINGDEJINRONGSHICHANG,BAOKUOGUPIAOHEZHAIQUAN,QIGUIMOYINGGAIBUDIYU100WANYIRENMINBI。ZHEIYIWEIZHEWUNIANHOURENMINBICHUBEIZICHANZHANZHONGGUOZHENGGEJINRONGSHICHANGGUIMOBUCHAOGUO3%。YOUYUWAIHUICHUBEIBUHUIGAODUJINJINCHUCHU,ZHEIBUFENZICHANZONGTISHANGDELIUDONGXINGMEIYOUNEIMEQIANG,YINCI,TAJIZHONGGUOJINRONGSHICHANGDAILAIDECHONGJIYINGGAISHIYOUXIANDE。

                                加入SDR对我国正面边际影响相对更明显,所带来的长期负面风险相对要小

                                零度棋牌DUANQINEIGUOJICHUBEIDEDIAOZHENGDUIZHONGGUOJINRONGSHICHANGDEYALIKEYIHULVE。QICI,YOUYURENMINBIZAIQUANQIUWAIHUICHUBEIZHONGRENGRANJIAOXIAO,JISHIZAICICHUXIANYANZHONGDEQUANQIUHONGGUANSHIHENG,JIZHONGGUODAILAIDEYALIZHONGDUANQINEIYEHUIHENXIAO。

                                加入SDR能在多大程度上带来私人资本的流入?这个问题具有高度的不确定性

                                YIBUFENYUANYINSHIZHONGGUODEZIBENZHANGHUSHIGUANBIDE,SIRENZIBENLIURUDEGUIMOHENNANGUJI。CIWAI,WOMENBUNENGRENWEISUOYOUSIRENZIBENDOUJUYOUGAODUTOUJIXING,LEISIHAIWAIYANGLAOJINDEZHANGQITOUZIYUWAIHUICHUBEIYIYANGSHIHENWENDINGDE,ZHEIBUFENTOUZIBUJIANDEDUISHICHANGYOUDUODADECHONGJI。DUISHICHANGZHENZHENGYOUCHONGJIDESHIDALIANGJUYOUDUICHONGXINGZHI、SHIYONGGEZHONGFUZAYANSHENGGONGJUDEGAODUTOUJIXINGZIBEN,ERDANGQIANWOGUODUIZHEILEIZIBENDEZHANGHUSHIGUANBIDE。JISHIWEILAIZHANGHUFANGKAI,YANGXINGYEHENKENENGHUISHIYONGTUOBINSHUIQUGUANZHI。YINCI,ZONGTISHANG,SIRENZIBENLIURUDEGUIMOBUYIGUJI,QIYUWOGUODEZIBENZHANGHUGUANLIHEKAIFANGDEJIEZOUYOUGUANXI。

                                加入SDR后提高人民币汇率弹性宜早不宜晚

                                ZAICIJICHUSHANG,WOMENYAOQINGXINGDIRENSHIDAOLIANGGEZHONGYAODEBEIJING。

                                DIYIGEBEIJINGSHI,ZHONGGUODANGQIANJIBIANZAIZIBENZHANGHUYANGEGUANZHIDEQINGKUANGXIA,YEYIJINGXINGCHENGLEZIBENDALIANGJINGLIUCHUDEJUMIAN,QIEZAIKEYUJIANDEJIANGLAI,ZHEIZHONGQUSHIBUHUIXITONGXINGNIZHUAN,SHENZHIKENENGJIXUKUODA。DALIANGZIBENJINGLIUCHUJIRENMINBIDAILAILEYALI,ZHEISHIWOMENTAOLUN、ZHIDINGHUILVHEHONGGUANJINGJIZHENGCESHIBIXUKAOLVDEBEIJING。ZIBENJINGLIUCHUYOUMEIYUANZHOUQI、JINGJIZHOUQIDEYUANYIN,YEYOUZHONGGUOJINGJIZISHENDEYUANYIN。CONGJUANSIWEIDEJIAODULAIJIANG,WOMENBIXUBAZHEIZHONGXIANSHIZUOWEITAOLUNDEQIANTI。

                                DIERGEBEIJINGSHI,ZONGTISHANGLAIJIANG,DANGQIANZHONGGUODESIRENBUMEN,TEBIESHIZHUHUBUMENSUOCHIYOUDEFEIRENMINBIDEZICHANBILIYICHANGDI。DANZHEIYIBILIBANSUIZHEZIBENZHANGHUDEKAIFANGWEILAIHENKENENGHUIDAFUSHANGSHENG,JISHIZIBENZHANGHUBUKAIFANG,QUSHISHANGYEHUISHANGSHENG。RUGUOBAJINGWAIPEIZHIZICHANBILISHANGSHENGDEQUSHIKAOLVJINLAI,WOGUODEZIBENLIUCHUYALIHEHUILVYALIJIUHUIBIJIAODA。

                                ZAIZHEILIANGGEBEIJINGDEJICHUSHANG,KEYIDECHULIANGGEJIELUN:

                                人民币加入SDR以及由此引发的资本流入对当前资本净外流局面是有效的缓冲,虽然这不见得会系统性地扭转这一趋势。零度棋牌这反过来意味着金融市场、汇率、经济的调整压力一定程度上都会下降或得到一定的改善。

                                在加入SDR后,提高人民币汇率的弹性显得更为重要。今年8月份我们体验了汇率冲击、资本集中外逃和金融市场的波动。需要明确的是,这一事件的本质和关键不是人民币和中国经济基本面出了问题,而是人民币汇率的形成严重缺乏弹性。

                                ZHEIYANG,RENMINBIHUILVSUIZHEJIBENMIANBIANHUAZHUBUJILEIQIYUELAIYUEDADEYALI,XIANGDIZHENYIYANG,ZAIHENNANYUZHIDEQINGJINGXIA,YOUYUYIXIESHIJIANDECUIHUA,HENRONGYIXINGCHENGDAFUDIAOZHENGHECHONGJI,BINGBOJIDAOZHONGGUOHEQUANQIUJINRONGSHICHANG。

                                零度棋牌YINCI,ZHUAJINTIGAOHUILVDANXINGSHIFENZHONGYAO。HUILVSHANGXIABODONGKEYISUISHIXISHOUHESHIFANGZIBENLIUCHUHEJIBENMIANBIANHUADEYALI,BIMIANLEJIZHONGDIAOZHENGDEKENENGXING。JIUXIANGDIZHENYIYANG,DUOCIPINFANCHUXIANDEXIAOGUIMODIZHENKEYIBIMIANDADEDIZHENDEKENENGXING。ZAIGUONEIWAIJINGJIJINRONGXINGSHIKUAISUBIANHUADEBEIJINGXIA,WEICHIHUILVZAIYIGEGUDINGSHUIPINGSHANGDESHIJIANYUEZHANG,QIANZAIDEDIAOZHENGFENGXIANJIUYUEDA。

                                ZAIDANGQIANRENMINBIJIARUSDR、SDRYINDAOZIBENLIURU、ZIBENZHANGHUDIAOZHENGYALIXIAJIANGDEBEIJINGXIA,TIGAOHUILVDEDANXING,BIZIBENZHANGHUDIAOZHENGYALIJILEIDAOHENDAZAIQUZENGQIANGDANXINGYAOHAODEDUO。TIGAOHUILVDANXINGYIZAOBUYIWAN,TUODESHIJIANYUEZHANG,JIBENMIANSHANGJILEIDEWENTIJIUYUEDA、YUENANYIKONGZHI。

                                外汇市场干预和金融风险监管,一个都不能少

                                ZONGTISHANGLAIJIANG,RENMINBIJIARUSDRYOUFENGXIANYEYOUSHOUYI,ZHONGDUANQILAISHUOSHISHOUYIDAYUFENGXIAN,ZHENGMIANDEYINGXIANGJUDUO,WOMENYINGGAIZHUAZHUYOULISHIJIQUTIGAORENMINBIHUILVDEDANXING。

                                零度棋牌ZHANGQILAIKAN,RENMINBIKENENGCHENGWEIHEMEIYUANBINGJIAQIQUDEHUOBI。ERSANSHINIANYIHOU,ZHONGGUOSHANGPINMAOYI、FUWUMAOYIDEGUIMOKENENGBIMEIGUODADEDUO;ZHONGGUODEJINRONGSHICHANGKENENGHUIBIANDEYUELAIYUEYOUSHENDUHEDANXING,RENMINBIDEGUOJIDIWEIHUIXIANZHUTIGAO。NEISHIRUGUOCHUXIANQUANQIUFANWEINEIDEHONGGUANJINGJISHIHENG,HUOZHECHUBEIZICHANXITONGXINGDIAOZHENGQUSHI,NEIJIANGHUIDUIZHONGGUODEJINRONGTIXICHANSHENGHENDADEYALI。

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