国际汇率制度百年变迁的规律及其启示

On the Laws of the Evolution of International Exchange Regime in the 20th Century and Its Enlightenment to China

20世纪的国际汇率制度其实一直都在演绎从固定汇率制到浮动汇率制,再从浮动汇率制到固定汇率制这么一种循环,整个过程既自我否定又螺旋上升,昭示了其实质是一个相互转化的动态体系,没有任何一种汇率制度适合所有国家和一个国家的所有时期,只有相机抉择才是其中的关键,这点对我国当前人民币汇率制度的选择尤其具有启示意义。

International exchange regime, in effect, experiences a circle, namely, from fixed exchange regime to floating exchange regime, which is a process of self-negation and spiral growth. It also shows that international exchange regime is a dynamic system of mutual change and no single currency regime is right for all countries or at all times, which will gives us great revelationgs in the reform of RMB exchange regime at this stage.