人民币/美元双边汇率不能替代人民币汇率

The RMB to the US$ Exchange Rate is not a Substitute for an Independent RMB Exchange Rate

用人民币/美元双边汇率替代人民币汇率是当前普遍存在的现象。然而,用人民币/美元双边汇率替代人民币汇率不适用于汇改后的人民币汇率制度。中美双边贸易权重也不足以让人民币/美元双边汇率替代人民币汇率。汇改后人民币/美元双边汇率的走势在人民币汇率体系中也不具有代表性。建议中国人民银行尽快计算并公布人民币实际有效汇率,以弥补用人民币/美元双边汇率替代人民币汇率的不足。

The substitution of the RMB to the US $ exchange rate for an independent RMB exchange rate is now the common practice. Moreover, substitution of the RMB to the US $ exchange rate for an independent RMB exchange rate is not suitable for application after reform of the RMB exchange rate system. Chinese-US bilateral trade is not enough to allow substitution of the RMB to the US $ exchange rate for an independent RMB exchange rate. The trend of the RMB/US $ exchange rate in the RMB exchange rate system after reform of the system would also make it unsuitable as a substitute. It is suggested that the People＇s Bank of China switch to calculating and publishing the actual effective RMB exchange as soon as possible to make up for the distortion in stock prices caused by tying the RMB exchange rate to the dollar.