摘要
1994年外汇体制改革以后,人民币对美元的汇率基本保持稳定,2005年7月21日我国改革了人民币汇率的形成机制,汇率的弹性增强了,人民币存在升值趋势。随着人民币升值预期上升和外汇储备不断增加,宏观经济目标之间存在矛盾和冲突。为了维持汇率稳定和控制货币供应量,中央银行必须采取冲销干预的措施来实现,同时为了防止投机资本的套利,央行又必须进行利率控制,但是这些政策都有一定的局限性。目前在人民币升值预期的情况下,中央银行必须采取多种政策搭配手段来实现宏观经济的内外均衡。
The RMB exchange rate against US Dollar basically kept stable after the foreign exchange system reform in 1994. On July 21, 2005, China reformed the RMB exchange rate formation mechanism and greater flexibility was endowed with RMB exchange rate, RMB has an appreciation trend. With RMB appreciation and the increase of foreign exchange reserves, there exist the conflicts among macro economy targets. In order to keep the exchange rate stable and control money supply, the central bank must take the measures of sterilized interventions, and at the same time must control the interest rate to prevent the arbitrage of speculation capital, but both two methods have their limits. At present under the condition of RMB appreciation, the central bank must take multi-policies combinations to realize the external and internal equilibrium of macro economy.
出处
《上海财经大学学报》
CSSCI
2007年第4期63-69,共7页
Journal of Shanghai University of Finance and Economics
基金
国家社科基金(06CJY001)
复旦大学中国经济国际竞争力创新基地国际金融方向子课题
上海市浦江人才计划(2005)的资助
关键词
人民币升值
内外均衡
冲销干预
利率控制
RMB appreciation
the external and internal equilibrium
sterilized interventions
interest rate control