论人民币汇率制度合理性及对经济绩效的影响

The Rationale of RMB Exchange Rate System and Its Impact on Economic Performance

自从1994年我国外汇管理体制改革以来,人民币一直实行有管理的浮动汇率制,但在相当长一段时期内,我国的汇率制度从本质上讲是盯住美元的盯住汇率制,直到2005年7月21日起,中国人民银行宣布,我国开始实行以市场供求为基础,参考一揽子货币进行调节,有管理的浮动汇率制度。本文旨在探讨在我国当前的经济状况下这种汇率制度安排的合理性及其对经济绩效的影响。

Since 1994 when China implemented a reform on the foreign exchange management system, RMB has been following a managed floating exchange rate system. But for a long period of time, our exchange rate system is pegged to the US Dollar. It was not until July 21, 2005 that the People's Bank of China declared that China would follow a managed floating system, which is based on market supply and demand, adjusted according to a blanket of currency. This paper aim to discuss the rationale of this exchange rate arrangement and its impact on economic performance.