金融危机下人民币汇率的变化趋势:现实选择与机制改革

Prospect of RMB exchange rate amid financial crisis:Realistic choices and mechanism reform

此次国际金融危机结束了人民币从2005年汇率改革以来对美元的单边升值趋势,但综合国内外各种因素,人民币对美元汇率在短期内维持基本稳定是现实选择。作为一个影响力渐盛的经济大国,人民币必将走向更加灵活的汇率制度,而此次金融危机的发生也给人民币汇率形成机制更加市场化的改革提供了新动力和新契机。

The ongoing global financial crisis has brought to an end the RMB＇s continuous appreciation against the US dollar since the RMB exchange reform in 2005. In view of all factors at home and abroad, it is prudent to maintain the stability of the RMB exchange rate against the USD. As an economic power carrying increasing weight, China＇s RMB exchange rate system is bound to be more flexible. Nevertheless, the crisis is providing an impetus and opportunity for market-based reforms of the RMB exchange rate mechanism.