参考一篮子货币的人民币汇率形成机制研究——基于人民币有效汇率目标的分析

Studies on Formation Mechanism of RMB Exchange Rate with Reference to Currency Basket:Based on the Target of RMB Effective Exchange Rate

文章主要研究如何建立参考一篮子货币的汇率制度,首先分析了人民币对美元汇率、人民币对非美元货币和人民币有效汇率之间的关系。其次研究了从人民币钉住美元货币汇率向参考一篮子货币汇率制度(人民币有效汇率目标)的过渡,以及建立一篮子货币汇率机制的方法和实证模拟研究,并考察了人民币汇率的波动幅度。最后文章认为人民币汇率制度的市场化改革是我国汇率体制改革的最终目标,并给出了本文的主要结论。

The paper mainly studies the exchange rate regime with reference to currency basket.Firstly,it analyzes the relationship among RMB exchange rate against US dollar,RMB exchange rate against non US dollar and RMB effective exchange rate.Secondly,it explores the transition from RMB exchange rate regime against US dollar to RMB exchange rate regime with reference to currency basket(RMB effective exchange rate target),the method of setting up the exchange rate formation mechanism with reference to currency baske...