Since 1960 ' s , with the release of regulation , the establishment of floating exchange rate system and the adoption of computer and communication technology in financial field , financial innovations surged in western countries " commercial banks that result creating many financial trade tools 20世纪60年代以来，随着金融管制的放松、浮动汇率制的建立和计算机技术及通讯技术在金融领域的运用，西方国家商业银行的金融业务创新活动风起云涌，产生和创造出了许多先进的金融交易工具。
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。
Execute floating rate to make the wave motion that is helpful for carrying exchange rate adjust economy , also be helpful for promoting international trade , especially below the situation that the foreign currency of centrally bank and gold reserve can ' t keep fixed exchange rate , execute floating rate to make relatively advantageous to economy , also can ban illegal foreign currency blackmarket to trade at the same time , but floating rate makes the stability that goes against domestic economy and international economy impact , activity of meeting aggravate economy 实行浮动汇率制有利于通过汇率的波动来调节经济，也有利于促进国际贸易，尤其在中心银行的外汇与黄金储备不足以维持固定汇率的情况下，实行浮动汇率制对经济较为有利，同时也能取缔非法的外汇黑市交易，但浮动汇率制不利于国内经济和国际经济关系的稳定，会加剧经济活动。
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。
