基于资本账户自由兑换进程中的汇率制度选择

On the Choice of RMB Exchange Rate System in Process of Capital Account Convertibility

货币可兑换与汇率机制具有紧密的内在联系。人民币汇率机制安排是人民币自由兑换进程中一个关键性问题。更加开放的资本项目需要更加灵活的汇率制度,以市场为基础的、有管理的浮动汇率制度是我国近中期最佳选择。随着资本项目的日益开放,汇率形成的市场化机制逐步提高,应逐步扩大人民币汇率波动幅度。汇率制度的灵活度与资本项目的开放度应保持同步性。

Convertible currency and exchange rate have intense inner link. The arrangement of RMB exchange rate mechanism is the key issue in the freely convertible course of RMB. The especially open capital item needs especially nimble exchange rate system, the best medium term choose is administrative floating rate system based on marketplace. Gradually open with the capital item, market-oriented mechanism that exchange rate forms should be improved step by step, the same with the extent expanding exchange rates for the RMB against other currencies fluctuation. The system nimble degree and the capital item opening to the outside world degree respond to exchange rate keep synchronicity.