现行人民币汇率制度与宏观经济政策效应——兼论人民币汇率制度改革

Existing RMB Exchange Rate Regime and Effects of Macroeconomic Policies —— Comment on RMB Exchange Rate Regime Reform

我国现行的汇率制度实质上是钉住美元的固定汇率制度,它对我国货币政策的运行存在制约,从而影响货币政策的有效性。实行更有弹性和灵活性的汇率制度是提高我国宏观经济政策有效性的重要途径。我国现实经济条件决定了我国汇率制度改革的近期目标是建立汇率目标区,长期目标则是建立浮动汇率制。

The existing exchange rate regime of China is in fact dollar pegged fixed exchange rate regime. It constrains the performance of China's macroeconomics policies. To promote the effectiveness of China's macroeconomic policies requires reforming the existing exchange rate regime. China's current economic situation determines that the short-term objective of the exchange rate regime reform is to establish exchange rate target zone, while the long-term objective is to establish floating exchange rate regime.