[20190821]IF11296_美元干预：国会的选择和议题.pdf

https:/crsreports.congress.gov August 21, 2019U.S. Dollar Intervention: Options and Issues for CongressAfter falling to its lowest value since the introduction of floating currencies in 1973, the U.S. dollar has appreciated by 25% between July 2011 and July 2019its highest value since the early 2000s. President Trump and others have argued that the dollars current relative strength is holding back growth since a strong dollar makes U.S. exports more expensive in foreign markets while at the same time making it difficult for domestic producers to compete with cheaper imports. This has raised questions about what policy options are available to potentially reduce the value of the dollar. Interventions are more likely to succeed if paired with fiscal or monetary policy changes and supported by major trading partners. Historical Experience In the flexible exchange rate period since the early 1970s, the dollar exchange rate has not typically been an explicit target of U.S. economic policy, with market forces determining the value of the dollar instead. Policymakers typically address concerns about the exchange rate by targeting underlying fundamental issues, such as the size of the bud