论汇率政策与外部稳定——兼析IMF2007《决定》

On Exchange Rate Policy and External Stability——Also on 2007 IMF "Decision"

IMF2007《决定》的通过引起人们对汇率政策与外部稳定问题的高度关注。IMF2007《决定》对汇率政策的监督在现行框架下较难起到实质性、可操作性的作用。当今全球经济失衡、外部不稳定并非人民币汇率政策造成,中国政府应在促进内部稳定基础上,通过扩大汇率弹性和调整外贸外资政策来缓解当前人民币升值的压力。

The IMF 2007 ＂Bilateral Surveillance over Members＇ Policies＂ （the ＂2007 Decision＂） arouses attention on exchange rate policy and external stability. Yet it is difficult for this ＂Decision＂ to play a significant role in practically and manageably supervising exchange rate policy under the present framework. The Chinese government should extend the elasticity Of RMB exchange rate, based on internal stability, and adjust the foreign trade and capital policies to reduce the appreciation expectation of RMB.