马来西亚汇率制度变迁评析

Analysis of Malaysia's Exchange Rate System Changes

马来西亚汇率制度自东南亚金融危机以来,经历了从自由浮动汇率制度到钉住美元汇率制度,而后又从钉住美元汇率制度转变为有管理的浮动汇率制度的变迁。这构成了汇率制度的帕累托改进。由于目前马来西亚经济发展状况基本健康,货币当局对汇率监控和管理水平的提高,外汇储备充裕,以及在清迈倡议框架下中国与马来西亚于2009年初建立了高额货币互换协议,这些构成了未来马来西亚汇率稳定的坚实基础。

Adjustment of the exchange rate system and its ability to adapt to a country＇s eco-nomic development has been the issue that governments,monetary authorities attach great impor-tance to.As one of the more developed countries of ASEAN,since the Asian financial crisis,Malaysia＇s exchange rate system has experienced from the free-floating exchange rate system to the pegged U.S.dollar exchange rate system,and then from pegged dollar exchange rate system into a managed floating exchange rate system.This constitutes a Pareto improvement of the exchange rate system.At present,the development of Malaysia’s economy is basically healthy,monetary authori-ties’level of monitoring and managing exchange rate has been improved and foreign exchange re-serves is abundant,as well as China and Malaysia established a high currency swap agreements in early 2009 under the framework of the Chiang Mai Initiative,which constitute a stable solid founda-tion of the Malaysia’s future exchange rate.