From 1994 to now , our country has carried out important reform about the external exchange management system , after realized by usual items it could be fully exchanged , the rmb rate was practiced by nominal managing floating exchange rate , persisted with the level of about 8 . 27 for many years 从1994年至今，我国对外汇管理体制进行了重大改革，在实现了经常项目下的完全可兑换后，人民币汇率实行了名义上的有管理的浮动汇率制度，多年来始终保持在8 . 27水平左右。
The purpose of reforming the foreign exchange institute is to increase the elasticity of the system , and from this , exchange rate can have the function of regulating the economy . the media measure is improving the forming mechanism of exchange rate of rmb . at present , the feasible measures is enlarging the floating region of exchange rate of rmb . firstly , improving the extent of marketization of forming mechanism of exchange rate , including enlarging the floating region of exchange rate of rmb in the inter - bank exchange market , adjusting the policy of exchange position of banks , reforming compulsive exchange settling institute 今后，我国有必要改进人民币有管理的浮动汇率制度，使汇率更多的反映市场供求信号。完善人民币有管理的浮动汇率制度的最终目的，应是改进人民币汇率形成机制，增加人民币汇率制度的弹性，以进一步发挥汇率杠杆对经济的调节作用。当前可以选择的政策措施是扩大人民币汇率的波动区间。
In the first place , the formation mechanism of the exchange rate is perfected , that is the exchange rate of renminbi no longer pegs down the us dollar singly , but floats under management according to the supply and demand in the currency market as well as the “ currency basket ” , which is composed of several primary currencies 2005年7月21日,中国人民银行对人民币汇率做出了重大改革。一是完善汇率形成机制。人民币汇率不再单一钉住美元,而是由若干主要货币组成一个“货币篮子” ,实行以市场供求为基础、参考一篮子货币进行调节的、有管理的浮动汇率制度。
Finally , the author , in respect of the policy choice of rmb exchange rate , presents the view that the system of a single , managed floating exchange rate should be a reasonable option to the system of rmb exchange rate . on the basis of the analysis on the drawbacks in the forming mechanism of rmb exchange rate at present , the author designs the general frame of the mechanism of rmb exchange rate under the system of a single , managed floating exchange rate and proposes corresponding reform measures and policy suggestions 最后，就当前人民币汇率政策的选择，提出重归单一的、有管理的浮动汇率制度是人民币汇率制度的必然选择，并在分析目前人民币汇率形成机制存在的缺陷的基础上，对管理浮动汇率制度下的人民币汇率机制进行了总体设计，提出了相应的改革措施与政策建议。
July 21 , 2005 , people ' s banks issued announcement : " today , our country to start to implement take the market supply and demand as the foundation , refers to a basket currency to carry on the mediation , has the management the floating exchange rate system . at the same time , the rmb & us dollar exchange rate rises 2 % 2005年7月21日,人民银行发布公告: “即日起我国开始实行以市场供求为基础,参考一篮子货币进行调解,有管理的浮动汇率制度” ,同时,人民币对美元汇率升值2 % ,调整为1美元兑8 . 11元人民币。
In light of its own needs of reform and development , and taking into serious consideration the economic and financial impacts of its exchange rate reform on neighbouring countries , regions and the world at large , china will continue to push forward the reform of its exchange rate regime , to have a market - based , managed floating exchange rate regime in reference to a basket of currencies , and to ensure that the rmb exchange rate is kept basically stable at an adaptive and equilibrium level 中国将根据自身改革发展的需要，认真考虑中国汇率改革对周边国家、地区及世界经济金融的影响，继续推进汇率机制改革，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，使人民币汇率在合理、均衡的水平上保持基本稳定。
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。
