人民币汇率变动和后危机时代汇率市场化改革

RMB Exchange Rate Movement and Liberalization Reform in the Post-crisis Period

人民币汇率一直是政府和市场关注的焦点。研究人民币汇率变动和汇率市场化改革;比较人民币升值、贬值和维稳的影响;从三角套汇的角度分析人民币对美元和人民币对非美元货币汇率之间的关系;研究人民币汇率形成机制存在的问题及人民币汇率市场化改革,对人民币汇率政策的实践均具有一定意义。

RMB exchange rate is always the focus of the government and the market. This paper mainly studies the movement of RMB exchange rate and the reform of exchange rate liberalization,including the movement of RMB exchange rate against US Dollar and against non-US Dollar,and the reform of RMB exchange rate liberalization. The paper compares the effects of RMB appreciate,depreciation against US Dollar and RMB stability,and indicates that RMB exchange rate against US Dollar should keep stable during the international financial crisis. Meanwhile the paper analyzes the relationship of RMB exchange rate against US Dollar and non-US Dollar from the view of the triangular arbitrage. It makes a deep study on the existing problems of RMB exchange rate forming mechanism and the liberalization reform of RMB exchange rate.