This reform would be the first step for us to transform our exchange rate system from fixed exchange rate to float exchange rate . however , accompanying the reform , a series of new problems are aroused , among which the increase of exchange rate risk is quite prominent 这次人民币汇率制度改革是我国由固定汇率制度向浮动汇率制度转变所迈出的第一步,因此改革带来了一系列新的问题,尤其是汇率风险加大的问题。
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 author makes some analysis on the possibilities of the financial crisis under the two types of . regimes for the developing countries . we find that the concentration and accumulation of the exchange rate risks are huge under the fixed pegged exchange rate arrangement , so it is easy to induce the attack of the enormous hot money 通过发展中国家两种汇率制度下发生金融危机的可能性进行了分析,结果发现:与浮动汇率制度相比,固定钉住汇率制度下的外汇风险集中度高、风险累积程度深、外汇投机冲击发生可能性大,易引发资本项目下的金融冲击,造成货币危机。
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。
This is an obvious choice because the alternative of high domestic inflation , notwithstanding the current benign global inflation environment itself partly the result of the integration of the mainlands economy with that of the rest of the world , may result in much greater dislocation in the economy than the temporary overshooting in the exchange rate that would inevitably occur in any flexible exchange rate system 内地选择了增加名义汇率的弹性来配合其与全球经济融合的重要过程尽管过程不一定畅顺,这是很容易理解的。因为提高通胀尽管现时全球通胀温和,部分是由于内地与全球经济融合的结果对内地经济造成的冲击,可能较诸在浮动汇率制度下无可避免出现的短暂汇率过度波动大得多。