现行人民币汇率制度的问题和改革建议(国外英语资料).docVIP

现行人民币汇率制度的问题和改革建议(国外英语资料) Abstract: This paper puts forward the main existing RMB exchange rate system, the RMB exchange rate formation mechanism of the market degree is insufficient; the service function of the foreign exchange market is not perfect; the external equilibrium adversely, the pressure of RMB appreciation is still huge. With the reform of RMB exchange rate mechanism in the future more flexible orientation, can be correctly understand and deal with the RMB exchange rate formation mechanism reform; further active response to the expected appreciation of the renminbi and international hot money speculation pressure; RMB exchange rate flexibility will increase the central bank foreign exchange market management difficulties; and further perfecting the foreign exchange market, the exchange rate risk using derivatives to avoid. Key words: RMB exchange rate; exchange rate system reform So far, Chinas RMB exchange rate system has gone through several adjustments: the exchange rate peg (1949-1952), remained fixed exchange rate peg (1953-1972), pegged to a basket of currencies exchange rate system (I973-1980), dual exchange rate system official exchange rate and trade settlement exchange rate coexist (1981-1984), the official exchange rate dual exchange rate system and the foreign exchange swap rates coexist (1985-1993), introduced to the market supply and demand based on a single, managed floating exchange rate system (1994-2005), implemented based on market supply and demand a basket of currencies adjust, managed floating exchange rate system (since 2005). I. The main problems of the current RMB exchange rate system Under the premise that foreign exchange banks and residents can not hold foreign exchange in accordance with their wishes, Chinas foreign exchange market has the characteristics of closeness, monopoly, small trading varieties and narrow space for exchange rate fluctuations. In such a market environment, there are some defects in the RMB exchange r