IMF新决议的突破:双边汇率监督范围之厘定

The Important Breakthrough of IMF New Decision:Demarcation of the Scope for Bilateral Surveillance

明确地划定双边汇率监督覆盖的范围是IMF新决议的重大突破。新决议以外部稳定作为统领原则和核心,借助临近原则将对外部稳定具有直接和重要影响的会员国政策纳入汇率监督的范围。新决议还对国内政策、国内稳定与外部稳定的关系做了廓清,认为国内政策通过促进国内稳定来促进外部稳定,同时对经济增长与外部稳定的关系进行了明确。新决议对我国具有重要影响,我国应重视但不应不适当地放大新决议的影响,最重要的是利用新决议的特点和有利规定为人民币汇率主动、可控和渐进性改革保驾护航。

Clear demarcation of the scope for bilateral surveillance is an important breakthrough of IMF new decision. The decision establishes external stability as its basic principle and the core to draw the members＇ policies affecting directly the external stability into surveillance scope by making use of principle of proximity. The decision also makes clear the relation between domestic policies, domestic stability and external stability, holding that domestic policies contribute to external stability through domestic stability. Meanwhile, the decision clarifies the relation between growth and external stability. China should attach importance to but should not amplify improperly the implications the decision has for China. Most importantly, China should make proper use of the features and beneficial rules of the decision to safeguard its active, controllable and gradual reform of Renminbi exchange rate.