中国外汇市场改革回顾和前瞻（下）

20. China＇s FX market reform： Retrospection and perspective （Ⅱ）

为配合人民币汇率机制改革。自2005年7月以来．有关部门采取了一系列措施，加大市场深度，扩展市场广度，充分发挥市场在汇率发现、资源配置和风险管理中的作用。文章归纳了外汇市场制度设计和改革所遵循的思路，并结合汇改以来人民币汇率的即、远期汇价及波幅的市场表现，展望了下一阶段外汇市场改革的总体方向。本刊拟分两期发表全文。

To support the RMB regime reform, relevant departments have adopted a series of measures since July 2005, which includes furthering market depth, expanding market width, and giving full play to.the market in exchange rate discovery, resource allocation and risk management. With a summary of the path of thought taken in designing and reforming the FX market system, this paper introduces the performance of spot and forward price and the moving range of the RMB exchange rate since the RMB regime reform, and makes an estimate of the general orientation of the FX market reform in the next phase. Chinamoney will publish this paper in two issues.