{"status":true,"post":{"id":20777,"user_id":2,"status":1,"type":1,"orde":null,"notification_type":3,"static_post":0,"published_at":"2022-10-24 13:56:23","created_at":"2019-08-15T21:00:00.000000Z","updated_at":"2022-10-24T10:56:23.000000Z","edited_at":"2024-12-17 22:35:21","source_id":null,"post_id":20777,"is_featured":0,"title":"ABD-\u00c7in \u00e7eki\u015fmesi ve kur manip\u00fclasyonu","slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"home_title":null,"sub_title":null,"category_id":73,"description":null,"content":"  \t\t\t\t\t  \t\t\t\t\t<p><span class=\"large\">Bu yaz\u0131 yaz\u0131l\u0131rken ABD, \u00c7in\u2019i resmen kur manip\u00fclat\u00f6r\u00fc ilan etti. Nedir bu; nas\u0131l anlamland\u0131r\u0131lmal\u0131; iki \u00fclke ili\u015fkileri ve d\u00fcnya a\u00e7\u0131s\u0131ndan etkileri ne olur?<\/span><br><span class=\"large\"> <strong><\/strong><\/span><br><span class=\"large\"> Bir \u00fclkede ekonomi y\u00f6netiminin kurlar\u0131 manip\u00fcle etmesi, kurlar\u0131n belirlenmesini piyasalara b\u0131rakmay\u0131p, \u00fclke paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fcrmeye ya da de\u011fer kazanmas\u0131n\u0131 engellemeye y\u00f6nelik politikalar izlenmesi i\u00e7in kullan\u0131l\u0131yor.<\/span><br><span class=\"large\"><\/span><br><span class=\"large\"> T\u00fcrkiye gibi ara mallar ve yat\u0131r\u0131m mallar\u0131nda d\u0131\u015fa ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 ve yabanc\u0131 para bor\u00e7 oran\u0131 y\u00fcksek \u00fclkelerde ulusal paran\u0131n de\u011fer kaybetmesi bir\u00e7ok olumsuz sonu\u00e7 ortaya \u00e7\u0131kar\u0131yor. \u00c7in gibi b\u00f6yle s\u0131k\u0131nt\u0131lar\u0131 olmayan ekonomilerde ise \u00fclke paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fck tutmak, \u00fclke \u00fcreticilerinin \u00fcr\u00fcnlerini yabanc\u0131lar i\u00e7in ucuzlatarak uluslararas\u0131 piyasalarda rekabet g\u00fc\u00e7lerini art\u0131r\u0131yor.<\/span><br><span class=\"large\"> <strong><\/strong><\/span><br><span class=\"large\"> Donald Trump, ABD se\u00e7im kampanyas\u0131nda \u00c7in\u2019i \u00fclke paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fck tutarak \u00fcreticilerine haks\u0131z rekabet sa\u011flamakla su\u00e7lam\u0131\u015f, g\u00f6reve gelir gelmez \u00fclkeyi kur manip\u00fclat\u00f6r\u00fc ilan edece\u011fini a\u00e7\u0131klam\u0131\u015ft\u0131. Nedeni, b\u00fcy\u00fck olas\u0131l\u0131kla g\u00f6reve geldi\u011finde konunun uzmanlar\u0131n\u0131n durumun b\u00f6yle olmad\u0131\u011f\u0131n\u0131 izah etmesiydi.<\/span><\/p>  <p><span class=\"large\">\u00c7in, 1994\u2019ten 2014\u2019e kadar 20 y\u0131l boyunca \u00fclke paras\u0131n\u0131n de\u011ferlenmesini \u00f6nleyecek veya yava\u015flatacak politikalar izledi. Daha \u00f6nceleri denge civar\u0131nda dola\u015fan d\u0131\u015f ticaret dengesi bu tarihten sonra s\u00fcrekli fazla vermeye ba\u015flad\u0131. Bunun sonucu olarak da \u00fclkeye s\u00fcrekli ve d\u00fczenli net d\u00f6viz ak\u0131\u015f\u0131 oldu. Piyasa ko\u015fullar\u0131na b\u0131rak\u0131ld\u0131\u011f\u0131nda artan d\u00f6viz arz\u0131 \u00fclke paras\u0131 RMB\u2019nin de\u011fer kazanmas\u0131na yol a\u00e7ard\u0131.<\/span><\/p>  <p><span class=\"large\">\u00dclke merkez bankas\u0131, s\u00fcrekli olarak piyasadaki d\u00f6viz fazlas\u0131n\u0131 sat\u0131n alarak, \u00fclke bankac\u0131l\u0131k sistemi ve d\u00f6viz piyasalar\u0131n\u0131n burada ele alamayaca\u011f\u0131m\u0131z \u00f6zelliklerinin de yard\u0131m\u0131yla RMB\u2019nin de\u011ferini 2015 y\u0131l\u0131na kadar sabit tuttu. Ba\u015fta ABD, yabanc\u0131 \u00fclkelerin bask\u0131s\u0131yla merkez bankas\u0131 bundan sonra k\u00fcresel krize ba\u011fl\u0131 olarak 2008-2010 aras\u0131ndaki bir d\u00f6nem d\u0131\u015f\u0131nda RMB\u2019nin kontroll\u00fc bir \u015fekilde de\u011fer kazanmas\u0131na izin verdi.<\/span><\/p>  <p><span class=\"large\">Durum 2014\u2019te de\u011fi\u015fti ve \u00e7e\u015fitli dinamikler \u00e7er\u00e7evesinde bu y\u0131l\u0131n ortalar\u0131ndan ba\u015flayarak RMB \u00fczerinde bir sat\u0131\u015f bask\u0131s\u0131 olu\u015fmaya ba\u015flad\u0131. 20 y\u0131ld\u0131r RMB de\u011ferlenmesin diye u\u011fra\u015fan merkez bankas\u0131, \u015fimdi yo\u011fun bir \u015fekilde dolar satarak de\u011fer kaybetmesin diye sava\u015f\u0131yordu. 2014 ortalar\u0131ndan RMB \u00fczerindeki sat\u0131\u015f bask\u0131s\u0131n\u0131n kontrol alt\u0131na al\u0131nd\u0131\u011f\u0131 2016 ortalar\u0131na kadar merkez bankas\u0131 bir trilyon dolar satm\u0131\u015f, \u00fclke d\u00f6viz rezervleri 3 trilyon dolara d\u00fc\u015fm\u00fc\u015ft\u00fc.<\/span><\/p>  <p><span class=\"large\">Bu tarihten sonra \u00fczerinde zaman zaman sat\u0131\u015f bask\u0131s\u0131 olu\u015fsa da esas olarak dengedeydi. Donald Trump ba\u015fkanl\u0131k koltu\u011funa oturdu\u011funda \u00c7in paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fcrmek bir yana, korumak i\u00e7in b\u00fcy\u00fck bir sava\u015f verir durumdayd\u0131 ve IMF gibi uluslararas\u0131 kurulu\u015flar da \u00fclke paras\u0131nda bir manip\u00fclasyon olmad\u0131\u011f\u0131n\u0131 belirtiyordu.<\/span><\/p>  <p><span class=\"large\">ABD y\u00f6netiminin \u00fclkeyi kur manip\u00fclat\u00f6r\u00fc ilan etmesinin nedeni, \u00fclke paras\u0131n\u0131n kritik bir e\u015fik olarak g\u00f6r\u00fclen bir dolara 7 Yuan de\u011ferinin alt\u0131na d\u00fc\u015fmesiydi. Trump y\u00f6netiminin ge\u00e7ti\u011fimiz g\u00fcnlerde \u00c7in\u2019den ithalat\u0131n hemen t\u00fcm\u00fcn\u00fc ek g\u00fcmr\u00fck vergisi kapsam\u0131na almas\u0131n\u0131n RMB \u00fczerinde de\u011fer kaybetme y\u00f6n\u00fcnde bask\u0131 yaratmas\u0131 ka\u00e7\u0131n\u0131lmazd\u0131.<\/span><\/p>  <p><span class=\"large\">Merkez bankas\u0131 elbette bu bask\u0131y\u0131 dolar satarak kar\u015f\u0131layabilir, RMB\u2019nin de\u011fer kayb\u0131n\u0131 \u00f6nleyebilirdi ama yapmam\u0131\u015ft\u0131. Ancak bu manip\u00fclasyon de\u011fil, piyasalara m\u00fcdahaleden, manip\u00fclasyondan ka\u00e7\u0131nma olarak nitelenebilir. Etkisi? Bu tan\u0131mlama ABD\u2019nin ilgili \u00fclke mallar\u0131na ek vergi getirmesinin yolunu a\u00e7\u0131yor ama \u00c7in i\u00e7in bu zaten ger\u00e7ekle\u015fmi\u015f bulunuyor.<\/span><\/p>  <p><span class=\"large\">Dolay\u0131s\u0131yla ABD-\u00c7in ili\u015fkilerinde \u00f6nemli bir a\u015fama de\u011fil. T\u00fcrkiye gibi \u00fclkeler a\u00e7\u0131s\u0131ndan ise e\u011fer s\u00fcrerse, RMB\u2019nin de\u011fer kaybetmesi \u00fclke \u00fcreticilerinin rekabet g\u00fcc\u00fc a\u00e7\u0131s\u0131ndan olumsuz olacakt\u0131r.<\/span><\/p>  \t\t\t\t","slug":"abd-cin-cekismesi-ve-kur-manipulasyonu","tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"ABD-\u00c7in \u00e7eki\u015fmesi ve kur manip\u00fclasyonu","meta_description":"Fatih Oktay","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"view_count":1095,"cropped_1200x675":null,"user":{"id":2,"name":"FAT\u0130H","surname":"OKTAY","email":"ozansoy.tuna@akay.com","slug":"fatih-oktay","avatar":"\/front\/uploads\/avatar\/1733691600qSRn7kb3ZZVHU3t.webp","status":1,"role":1,"email_verified_at":null,"orde":null,"created_at":"2022-09-15T09:39:41.000000Z","updated_at":"2024-12-18T14:51:22.000000Z","seo_title":null,"seo_description":null},"translations":[{"id":20876,"is_featured":0,"is_amp":0,"is_ads":0,"ads_link":null,"post_id":20777,"locale":"tr","category_id":73,"title":"ABD-\u00c7in \u00e7eki\u015fmesi ve kur manip\u00fclasyonu","home_title":null,"sub_title":null,"slider_title":null,"slider_title_2":null,"slider_spot_title":null,"slider_spot_title_2":null,"subtitleuse":0,"description":null,"content":"  \t\t\t\t\t  \t\t\t\t\t<p><span class=\"large\">Bu yaz\u0131 yaz\u0131l\u0131rken ABD, \u00c7in\u2019i resmen kur manip\u00fclat\u00f6r\u00fc ilan etti. Nedir bu; nas\u0131l anlamland\u0131r\u0131lmal\u0131; iki \u00fclke ili\u015fkileri ve d\u00fcnya a\u00e7\u0131s\u0131ndan etkileri ne olur?<\/span><br><span class=\"large\"> <strong><\/strong><\/span><br><span class=\"large\"> Bir \u00fclkede ekonomi y\u00f6netiminin kurlar\u0131 manip\u00fcle etmesi, kurlar\u0131n belirlenmesini piyasalara b\u0131rakmay\u0131p, \u00fclke paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fcrmeye ya da de\u011fer kazanmas\u0131n\u0131 engellemeye y\u00f6nelik politikalar izlenmesi i\u00e7in kullan\u0131l\u0131yor.<\/span><br><span class=\"large\"><\/span><br><span class=\"large\"> T\u00fcrkiye gibi ara mallar ve yat\u0131r\u0131m mallar\u0131nda d\u0131\u015fa ba\u011f\u0131ml\u0131l\u0131\u011f\u0131 ve yabanc\u0131 para bor\u00e7 oran\u0131 y\u00fcksek \u00fclkelerde ulusal paran\u0131n de\u011fer kaybetmesi bir\u00e7ok olumsuz sonu\u00e7 ortaya \u00e7\u0131kar\u0131yor. \u00c7in gibi b\u00f6yle s\u0131k\u0131nt\u0131lar\u0131 olmayan ekonomilerde ise \u00fclke paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fck tutmak, \u00fclke \u00fcreticilerinin \u00fcr\u00fcnlerini yabanc\u0131lar i\u00e7in ucuzlatarak uluslararas\u0131 piyasalarda rekabet g\u00fc\u00e7lerini art\u0131r\u0131yor.<\/span><br><span class=\"large\"> <strong><\/strong><\/span><br><span class=\"large\"> Donald Trump, ABD se\u00e7im kampanyas\u0131nda \u00c7in\u2019i \u00fclke paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fck tutarak \u00fcreticilerine haks\u0131z rekabet sa\u011flamakla su\u00e7lam\u0131\u015f, g\u00f6reve gelir gelmez \u00fclkeyi kur manip\u00fclat\u00f6r\u00fc ilan edece\u011fini a\u00e7\u0131klam\u0131\u015ft\u0131. Nedeni, b\u00fcy\u00fck olas\u0131l\u0131kla g\u00f6reve geldi\u011finde konunun uzmanlar\u0131n\u0131n durumun b\u00f6yle olmad\u0131\u011f\u0131n\u0131 izah etmesiydi.<\/span><\/p>  <p><span class=\"large\">\u00c7in, 1994\u2019ten 2014\u2019e kadar 20 y\u0131l boyunca \u00fclke paras\u0131n\u0131n de\u011ferlenmesini \u00f6nleyecek veya yava\u015flatacak politikalar izledi. Daha \u00f6nceleri denge civar\u0131nda dola\u015fan d\u0131\u015f ticaret dengesi bu tarihten sonra s\u00fcrekli fazla vermeye ba\u015flad\u0131. Bunun sonucu olarak da \u00fclkeye s\u00fcrekli ve d\u00fczenli net d\u00f6viz ak\u0131\u015f\u0131 oldu. Piyasa ko\u015fullar\u0131na b\u0131rak\u0131ld\u0131\u011f\u0131nda artan d\u00f6viz arz\u0131 \u00fclke paras\u0131 RMB\u2019nin de\u011fer kazanmas\u0131na yol a\u00e7ard\u0131.<\/span><\/p>  <p><span class=\"large\">\u00dclke merkez bankas\u0131, s\u00fcrekli olarak piyasadaki d\u00f6viz fazlas\u0131n\u0131 sat\u0131n alarak, \u00fclke bankac\u0131l\u0131k sistemi ve d\u00f6viz piyasalar\u0131n\u0131n burada ele alamayaca\u011f\u0131m\u0131z \u00f6zelliklerinin de yard\u0131m\u0131yla RMB\u2019nin de\u011ferini 2015 y\u0131l\u0131na kadar sabit tuttu. Ba\u015fta ABD, yabanc\u0131 \u00fclkelerin bask\u0131s\u0131yla merkez bankas\u0131 bundan sonra k\u00fcresel krize ba\u011fl\u0131 olarak 2008-2010 aras\u0131ndaki bir d\u00f6nem d\u0131\u015f\u0131nda RMB\u2019nin kontroll\u00fc bir \u015fekilde de\u011fer kazanmas\u0131na izin verdi.<\/span><\/p>  <p><span class=\"large\">Durum 2014\u2019te de\u011fi\u015fti ve \u00e7e\u015fitli dinamikler \u00e7er\u00e7evesinde bu y\u0131l\u0131n ortalar\u0131ndan ba\u015flayarak RMB \u00fczerinde bir sat\u0131\u015f bask\u0131s\u0131 olu\u015fmaya ba\u015flad\u0131. 20 y\u0131ld\u0131r RMB de\u011ferlenmesin diye u\u011fra\u015fan merkez bankas\u0131, \u015fimdi yo\u011fun bir \u015fekilde dolar satarak de\u011fer kaybetmesin diye sava\u015f\u0131yordu. 2014 ortalar\u0131ndan RMB \u00fczerindeki sat\u0131\u015f bask\u0131s\u0131n\u0131n kontrol alt\u0131na al\u0131nd\u0131\u011f\u0131 2016 ortalar\u0131na kadar merkez bankas\u0131 bir trilyon dolar satm\u0131\u015f, \u00fclke d\u00f6viz rezervleri 3 trilyon dolara d\u00fc\u015fm\u00fc\u015ft\u00fc.<\/span><\/p>  <p><span class=\"large\">Bu tarihten sonra \u00fczerinde zaman zaman sat\u0131\u015f bask\u0131s\u0131 olu\u015fsa da esas olarak dengedeydi. Donald Trump ba\u015fkanl\u0131k koltu\u011funa oturdu\u011funda \u00c7in paras\u0131n\u0131n de\u011ferini d\u00fc\u015f\u00fcrmek bir yana, korumak i\u00e7in b\u00fcy\u00fck bir sava\u015f verir durumdayd\u0131 ve IMF gibi uluslararas\u0131 kurulu\u015flar da \u00fclke paras\u0131nda bir manip\u00fclasyon olmad\u0131\u011f\u0131n\u0131 belirtiyordu.<\/span><\/p>  <p><span class=\"large\">ABD y\u00f6netiminin \u00fclkeyi kur manip\u00fclat\u00f6r\u00fc ilan etmesinin nedeni, \u00fclke paras\u0131n\u0131n kritik bir e\u015fik olarak g\u00f6r\u00fclen bir dolara 7 Yuan de\u011ferinin alt\u0131na d\u00fc\u015fmesiydi. Trump y\u00f6netiminin ge\u00e7ti\u011fimiz g\u00fcnlerde \u00c7in\u2019den ithalat\u0131n hemen t\u00fcm\u00fcn\u00fc ek g\u00fcmr\u00fck vergisi kapsam\u0131na almas\u0131n\u0131n RMB \u00fczerinde de\u011fer kaybetme y\u00f6n\u00fcnde bask\u0131 yaratmas\u0131 ka\u00e7\u0131n\u0131lmazd\u0131.<\/span><\/p>  <p><span class=\"large\">Merkez bankas\u0131 elbette bu bask\u0131y\u0131 dolar satarak kar\u015f\u0131layabilir, RMB\u2019nin de\u011fer kayb\u0131n\u0131 \u00f6nleyebilirdi ama yapmam\u0131\u015ft\u0131. Ancak bu manip\u00fclasyon de\u011fil, piyasalara m\u00fcdahaleden, manip\u00fclasyondan ka\u00e7\u0131nma olarak nitelenebilir. Etkisi? Bu tan\u0131mlama ABD\u2019nin ilgili \u00fclke mallar\u0131na ek vergi getirmesinin yolunu a\u00e7\u0131yor ama \u00c7in i\u00e7in bu zaten ger\u00e7ekle\u015fmi\u015f bulunuyor.<\/span><\/p>  <p><span class=\"large\">Dolay\u0131s\u0131yla ABD-\u00c7in ili\u015fkilerinde \u00f6nemli bir a\u015fama de\u011fil. T\u00fcrkiye gibi \u00fclkeler a\u00e7\u0131s\u0131ndan ise e\u011fer s\u00fcrerse, RMB\u2019nin de\u011fer kaybetmesi \u00fclke \u00fcreticilerinin rekabet g\u00fcc\u00fc a\u00e7\u0131s\u0131ndan olumsuz olacakt\u0131r.<\/span><\/p>  \t\t\t\t","slug":"abd-cin-cekismesi-ve-kur-manipulasyonu","orjinalimage":null,"news_cover_min":null,"news_cover":null,"news_video_min":null,"news_video":null,"cropped_638x552":null,"cropped_310x208":null,"cropped_416x247":null,"cropped_197x247":null,"cropped_416x600":null,"cropped_1200x675":null,"tags":"K\u00f6\u015fe Yaz\u0131s\u0131","meta_title":"ABD-\u00c7in \u00e7eki\u015fmesi ve kur manip\u00fclasyonu","meta_description":"Fatih Oktay","meta_keywords":"K\u00f6\u015fe Yaz\u0131s\u0131","view_count":1095,"yt":0,"ytid":"","ytimage":null,"imgdate":"2000-01-01 00:00:00","cuff_cover":null,"cropped_358x214":null,"cropped_842x474":null}]}}