转变思维模式看汇率机制改革

Looking into the reform of exchange rate regime with a different mode of thinking

本文为中国人民银行行长周小川在7月23日举行的"2005(中国)银行家论坛"上结合人民币汇率机制改革发表的重要演讲。他指出,汇率机制的改革,要辅之以思维模式的转变,包括以美元为参照还是以一篮子货币为参照,即参照系的改变;应对国际金融危机、金融风波传导的思维方式的转变;微观经济主体对灵活性的偏好;以及对定价机制的态度问题。本文经作者同意在本刊发表。

This article is the important speech by Mr. Zhou Xiaochuan, Governor of the People＇s Bank of China （PBC） in 2005 Banker＇s Forum （China） on July 23 in connection with the reform of RMB exchange rate regime. He points out that the reform of exchange rate regime should be supported by transformation of thinking mode, The transformation of thinking mode relates to the following. What reference shall we resort to, the US dollar or a basket of currencies？ In other words, it relates to change of reference. It relates to transformation of thinking mode as respects intemational financial crisis and contagion of financial shocks. It also relates to the preference for micro economic participants＇ flexibility as well as the attitudes toward pricing mechanism, This article is published herein with approval of the author himself.