The thesis made an analysis on the now rmb exchange rate from the international exchange rate regime development in practice , it is pegged to us dollar fixed exchange rate , no matter it is called as managed floating exchange rate by its name . in the background of the opening - up of the financial industry , it is both costly and risky to maintain this exchange rate regime 本文从国际汇率制度的演变过程和决定因素的分析入手，揭示了现行人民币汇率尽管名义上是有管理的浮动汇率，实践中却已异化为钉住美元的固定汇率制，在中国金融进一步开放的背景下维持这种汇率制度的成本越来越高，风险越来越大，汇率制度有重新选择的必然。
The exchange rate target zone is a suitable arrangement for chinese financial industry in the opening up process . it not only has the advantage of the fixed and floating rate regime , but also it can coordinate the exchange rate policy and monetary policy and realize the internal and external balance of the economy 汇率目标区是中国金融进一步开放中比较合适的汇率制度，它兼具固定汇率制和浮动汇率制的优点，能协调汇率政策与货币政策，实现经济的内外均衡，也符合中国渐进式的改革发展道路。
In the new paper i recently wrote on asian learning the wrong lessons from its 1997 - 98 crisis i argued that policies of fixed exchange rates in china and other asian countries are leading to excessive forex reserve accumulation that , being only partially sterilized , leads to excessive monetary and credit creation that , in turn , causes dangerous investment bubbles and asset price bubbles 在这篇文章中我谈到亚洲开始从97 - 98的金融风暴中学到教训，并且我认为固定汇率制才是中国及其亚洲邻邦的超额外汇储备之首要原因：尽管屏蔽了小部分影响，固定汇率还是使得她们国内市场流通货币量与信贷过多，这又造成了投资泡沫和资产价格泡沫的隐患。
