从均衡实际汇率理论看我国汇率制度建设

China's Exchange Rate Institution Judged by the Theory of Equilibrium Real Exchang Rate

用均衡实际汇率理论分析汇率制度可知,人民币汇率进一步增加弹性以适应转轨过程中的经济冲击,同时也要设置汇率浮动的区间,以避免汇率超调和市场的非理性行为带来的消极影响。

Based on the theory of equilibrium real exchange rate, the paper holds that the exchange rate of RMB should be more flexible to suit shocks in the process of transition. Meanwhile, the exchange rate of RMB also should set the space to float in order to avoid the negative effect induced by over-adjustment and irrational action.