我国现行汇率制度存在的问题与对策

Problems of China's Current Exchange Rate Regime and Solutions

揭示了我国现行人民币汇率制度在名义上是有管理的浮动汇率制度而在实践中却已演化为钉住美元的固定汇率制度,分析了这种汇率制度在现实中存在的若干缺陷:外汇供求不反映市场参与者的意图,维持汇率的成本较高,影响汇率形成的因素单一,外汇市场上交易主体缺乏、交易币种少,汇率的调节机制尚未完善以及对货币政策有一定制约等。有针对性地提出了增加汇率的弹性、改革结售汇制度、将现行的钉住美元改为钉住货币篮子制度以及建立有效的利率与汇率的传导机制等具有可操作性的对策建议。

Reveals the fact that China's current exchange rate regime has been pegging at the USD in practice though nominally it is administrated via a controllable floating exchange rate regime. Analyzes the problems of the current exchange rate regime as follows. Either the demand or the supply doesn't reflect those individuals who intend to participate in the exchange rate market. The cost to maintain the current exchange rate is rather high and the factors affecting the current exchange rate is rather single. The exchange rate market is lacking in both dealers and sorts of exchangeable currencies. The adjusting mechanism of exchange rate is imperfect and currency policy is restricted to a certain extent. Some operable measures/policies are therefore suggested to take, such as increasing the flexibility of exchange rate, reforming the systems of exchange settlement and surrender, changing the current exchange rate regime from pegging singly USD to pegging a basket of mixed currencies and forming an effective transmission mechanism for both exchange rate and interest rate.