人民币汇率制度“棱锥”模型的探索

On "Exchange Rate Pyramid" Model for Renminbi Exchange Rate System

“汇率棱锥”模型以美元、欧元、日元为基础货币,以它们占全球市场外汇交易总量的百分比为权重,计算得到的加权平均值作为比价基准,即汇率中心价值,简称“汇元”。将所有货币的价值用“汇元”表示,建立以基础货币三角形为底的本币“汇率棱锥”,表示货币的价值与汇率的关系,形成钉住“汇元”的“汇率棱锥”模型。以权重削弱基础货币升贬的影响,以三种货币汇率间的抵消作用实现稳定汇率且降低钉住成本的效果。

The “exchange rate pyramid” model takes in U.S.dollar, euro and yen as the fundation. The percentage of each currency in the global market of foreign exchange transaction is used as the weight, and the weight average value of the three currencies is taken as the central value of excharrge rate, abbreviated as “exchange rate yuan” .The value of each currency can be measured by “exchange rate yuan”, and a “triangular pyramid of exchange rate” model is set up to express the relationship between exchange rate and the monetary value, the bottom of which is the triangle of the three currencies.Then a exchange rate system of pegging “exchange rate yuan” is formed.The appreciation and depreciation of each currency can be weakened by its weight, and the opposite direction of the change of exchange rate also benefits the stability of exchange rate and reduce the pegging cost.