人民币现行汇率机制探微

Discussions On Current Exchange System of R.M.B

我国经过多年的改革探索于 1994年建立起了“以市场供求为基础、单一的、有管理的浮动汇率制”。然而 ,随着国内、国际经济环境的发展变化 ,这一制度的缺陷日益凸显 ;在微观上 ,人民币汇率水平被人为扭曲 ,不能形成市场汇率 ;在宏观上 ,人民币汇率机制对货币政策、财政政策和国际收支调节构成了严重制约。因此 ,改革现行汇率机制 ,避免其对宏观经济产生不必要的冲击迫在眉睫。基于我国的国情 ,实行完全的浮动汇率制只能作为未来的改革目标 ,目前应从三个方面对现行汇率制度作出改进 :逐步实行意愿结售汇制 ;扩大会员的最高持汇规模、放宽汇率日波幅限制 ;建立人民币盯住货币篮制度。

In the year of 1994, fluctation exchange rate system has been established over years of reform in China. With the development of economic environment both domestic and international,the default of the system has increasingly appeared in two ways :One is ,the exchange rate is distorted to the extent that it can't form an efficient market exchange system in micro-economy;The other is, the exchange system constitutes a severe restrictions to currency policy, finance policy, international revenue and expenditure in macro-economy, Thereby, it's an urgency to reform the current exchange rate system to avoid unnecessary impact on macro-economy.