汇率传递与我国的汇率制度选择

Exchange Rate Transmission and China's Regime Option

汇率波动的支出转移效应引起了人民币升值压力和国际社会的中国输出通货紧缩论调,究其原因,在于中国盯住美元的固定汇率制引起人民币随美元贬值而被动贬值。通过对短期汇率传递的不完全性和下降趋势进行讨论,得出中国现行汇率制度是适合中国国情的,但应当适度扩大波动幅度,并选取以贸易加权实际有效汇率作为其管理目标的结论。

The expenditure switching effect of exchange rate undulation results in the discussion of Chinese currency RMB appreciation and Chinese output deflation. The reason is in that China's unitary peg to the US dollar. Through the research on the imperfect and declining trend of short-term exchange rate transmission, the conclusion is current exchange rate regime is suitable to the Chinese actual condition.