人民币汇率制度与人民币国际化

RMB Exchange Rate Regime and RMB Internationalization

本币的国际化不一定与汇率制度的类型有关。本币价值的稳定性和可测性是提高本币需求强度的重要属性之一。本文分析了2005年汇改后人民币汇率制度的主要特征和缺陷。提出在人民币汇率市场化的进程中,人民币汇率需要以新的方式保持稳定,以便为微观经济主体提供更稳定的预期。未来的人民币汇率制度应更好地反映国际收支变化和外汇市场变化,促进人民币汇率对关键货币的综合稳定。目前需要改善外汇市场条件,创造人民币双向波动的条件,这对促进人民币的境外使用和人民币国际化有重要意义。

The internationalization of home currency is not certainly related with the type of exchange rate regime. The stability and predictability of home currency value is one of the important attributes in improving the demand strength of national currency. The paper analyses the principal features and defects of RMB exchange rate regime after the reform of exchange rate regime in 2005. It proposes that in the process of the marketization of RMB exchange rate, it needs new ways to keep RMB exchange rate stable in order to provide a more stable expectation for microeconomic agents. The future RMB exchange rate regime should mirror the changes of the balance of international payments and foreign exchange market quite well, and promote the comprehensive stability of RMB exchange rate against key currencies. At present, we should perfect the conditions of foreign exchange market and create an environment for the double-way fluctuation of RMB to advance the offshore use of RMB and RMB internationalization.