论人民币自由兑换和我国金融开放的次序

On the Free Exchangeability of Chinese Currency and the Open Order of Chinese Financial Market

东南亚金融危机的爆发，使我国对人民币自由兑换问题进行更加深入的思考成为必要。本文主要分析在实行资本项目下人民币可兑换的过程中为减少金融风险而必须注意的金融开放次序的问题。

The Asian financial crisis makes it necessary for China to reconsider the stages of exchangeability of Chinese currency on capital account. This article discusses how to open China's financial market in order to reduce the financial risk of exchangeability of Chinese currency. The open order of China's financial market should be first tO realize the floating of interest rate and exchange rate, then to improve the capacity of central bank and the stability of financial system, and finally to release the control of the longterm and shortterm capital flows.