Since 1994 , china adopted the managed floating exchange rate system nominally , but we feared that the relax foreign exchange controls will cause the exchange rate risks leading to the financial crisis . so rmb focused on the dollar actually . and the exchange rate regime of china also is classified as focusing exchange rate system by imf 其次分析了现行的参考一篮子货币进行有管理的浮动汇率制度的人民汇率制度选择的合理性,接着又阐述了其可能出现的一些问题,如何正确认识这些可能出现的问题和现行汇率制度对资本市场的影响。
The foreign exchange system reform of 1994 set a milestone in the process of china ' s external reform . after this reform , official exchange rate and swap exchange rate was united , and managed floating exchange rate regime was introduced . rmb reached convertibility under current account , and china ' s foreign exchange system took the shape of " rmb convertible under current account and unconvertible under capital account " 中国也存在最优汇率制度选择问题， 1994年中国实行了具有里程碑意义的外汇管理体制改革，实现了汇率并轨，建立了以市场供求为基础的有管理的浮动汇率制度； 1996年人民币实现了经常项目可兑换，由此中国形成了“人民币经常项目可兑换，对资本项目进行管制”的外汇管理体制。
On peking time 7 : 00 p . m . , the people ' s bank of china , with authorization of the state council , makes the following announcements regarding reforming the rmb exchange rate regime : starting from july 21 , 2005 , china will reform the exchange rate regime by moving into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies . this is the most important variety since 1994 in the rate of exchange system reform . from now on rmb will no longer be pegged to the us dollar and the rmb exchange rate regime will be improved with greater flexibility 2005年7月21日,中国人民银行宣布:中国自2005年7月21日起,开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。这是1994年中国进行汇率制度改革以来最重大的变化,从此人民币汇率放弃了盯住单一美元的汇率制度,形成了更富有弹性的人民币汇率制度。这一公告打破了人们对汇率改革与否的揣测,但也刺激了人民币持续升值的预期。
Chma succeeded in the reform of foreign exchange management system in 1994 , arid then began to carry out the single , managerial , floating foreign exchange rate . it realized the convertibility of current account in 1996 , while the amdimt of foreign exchange reserve continuously keeps increasing 1994年中国成功进行了外汇管理体制改革，实现汇率并轨和有管理的浮动汇率制度， 1996年提前实现了经常项目的可兑换，与此同时，外汇储备保持了稳定上升的势头，到2002年已经达到2864亿美元。
This paper arguments the exchange rate mechanism in china has been " a floating exchange rate under supervision " in name but a fixed exchange rate connected with us dollar in practice , since 1994 , which is the problematic both in present situation and in the milieu of financial market ' s further opening - up , so , a new option has to be made for rmb exchange rate mechanism 本文论证我国1994年以后的汇率机制,在名义上是“有管理的浮动汇率制” ,但实际上却是一种与美元挂钩的固定汇率制度,并分析了该汇率制度设计无论是现在还是在中国金融进一步开放的背景下都有若干的缺陷,存在着汇率制度重新选择的问题。
China implements the flexible exchange rate system under management , actually a fixed exchange rate system , and the capital item control and has never happened the crisis up to the present , at the same time ; we have not the prerequisite historical data , so it is n ' t possible to define the crisis 然而中国当前采取的这种有管理的浮动汇率制度，实际上是一种固定汇率制度，资本市场基本实行管制，外汇储备逐年增加，同时中国至今从未爆发过危机，因此无法对危机进行定义，也缺乏危机预测所必须的历史数据。
Floating interest rate will make essential infection to financial resource collocating . at jul 2005 , china ’ s central bank announces that china will put floating exchange rate into practice , which based on market supplies and demands . in past several years , china ’ s bond market has get far - reaching improvements , and products innovations emerge in endlessly 利率市场化将对金融资源的配置方式产生根本性的影响; 2005年7月,央行宣布,我国开始实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度;在过去的几年,债券市场的到了长足的进步,产品创新层出不穷。
