人民币汇率制度改革历程及逻辑

The Evolution and Logic of the Reform in RMB Exchange Rate Regime

本文从回顾人民币汇率制度改革的历程入手,多角度论证推动人民币汇率制度改革的内在逻辑。研究认为,人民币汇率制度改革以国内经济体制改革进程为内在约束,注重汇率的实用性、改革的渐进性、与其他经济体制改革顺序安排的合理性,并且逐渐遵守国际规范和兼顾国际反应,走出了一条以市场为导向、独具特色的汇率制度改革道路。从近期和中期来看,深化人民币汇率制度改革的重点是完善汇率形成机制和加强外汇市场建设。

Beginning with the review of the reform process in RMB exchange rate regime,this paper demonstrates the intrinsic logic that has driven the reform.It finds that the exchange rate reform was restricted by the reform of economic structure and laid strong emphases on exchange rate's pragmatism,the gradualism of the reform itself as well as the sequence of different reforms.The reform has abided by international rules and paid more attention to international response over time.In a word,the market-oriented reform in RMB exchange rate regime is different from others.From the short and medium-term,the focus of future exchange rate regime is to perfect exchange rate mechanism and develop foreign exchange market.