人民币汇率制度的最佳选择

Central Bank Steady on Yuan Reform

1995年3月，我在美国斯坦福大学的春假期间回国，在林毅夫家的一个晚宴上，第一次见到易纲。那年，他37岁，年前刚放弃美国印地安纳大学终身教职回国，和毅夫一起发起成立北京大学中国经济研究中心。

A deputy governor for China's central bank, Yi Gang, said a convertible yuan remains the ultimate goal for the nation's currency exchange rate reform. When asked by China Reform whether the government is moving slowly toward that goal,he said macroeconomic policy'has been very successful.' Yi, who also directs the State Administration of Foreign Exchange, said the best forex policy option is a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. Yi did not give a timetable for convertibility. But he said the central bank has been steadily reforming since 1994, noting the yuan has been convertible for current accounts since 1996. Yi said it takes seven to 10 years for most currencies to advance 'from current accounts convertibility to capital accounts convertibility.'