金融全球化下人民币汇率制度的选择与展望-金融学专业论文.docxVIP

countries fell in the dilemma of the choice of exchange rate regimes. As the worlds largest developing country, China is actively dealing with the opportunities and challenges presented by globalization. July 21, 2005 the Peoples Bank of China officially announced the introduction of a market-based demand and supply, referencing to a basket currencies adjustment, managed floating exchange rate regime. This means that the exchange rate regime of RMB is moving toward a more flexible exchange rate system. The implementation of this new exchange regime will promote china’s economic growth and keep abreast of the pace of globalization. The first, the paper reviewed the exchange rate system theories, and regard The impossible trinity theory as the theoretical basis for the paper to further explain the flexibility and arrangement of the exchange rate regime .This article regard The impossible trinity theory as the cornerstone to introduce the bipolar theory, which further elaborated that in a free capital flows world , there will be no more rooms for the fixed exchange rate to be adjusted .Thus, in an open economy , how to make a correct choice among the three elements, namely, the total capital mobility, the monetary policy independence and the fixed exchange rate regime, have become a arduous work for many developing countries. Secondly, form the different aspects the paper deeply analyzed the pegged exchange rate regime that so many developing countries applied. Actually, in the initial phase pegged exchange rate regime can effectively alleviate the problem of high inflation, but because of the mid-1990s financial crisis constantly happened in the developing countries, people began to reexamine the pegged exchange rate regime . China as the largest developing country in the world is currently undergoing an economic transition stage, also facing the difficult choice in the exchange rate regime. Since the founding of New China, China has always practicing the pegged