基于人民币国际化视角的人民币汇率形成机制改革问题研究

A Study on the Reform of RMB Exchange Rate Regime from the Perspectives of RMB Internationalization

本文从人民币国际化的研究视角,分析货币国际化与汇率形成机制之间的内在联系,并通过人民币与美元、欧元、日元等主要货币的国际化程度的比较,揭示人民币国际化尚处在起步阶段,人民币汇率形成机制改革是直接影响人民币国际化进程的重要因素。在此基础上,本文探讨了人民币汇率形成机制为何采取钉住一篮子货币的改革方案,继而提出推进人民币汇率形成机制改革,促进人民币国际化的若干政策建议。

This paper analyzes the interrelationship between currency internationalization and exchange rate regime from the perspectives of RMB′s internationalization.By quantitative comparison on the degree of currency internationalization among Chinese Yuan,the U.S.dollar,Euro and Japanese yen,it shows that RMB′s internationalization is now still in the initial stage and the reform of RMB exchange rate regime is an important factor that will directly affect the process of RMB′s internationalization.Based on the above analyses,this paper discusses the reasons why the reform of RMB exchange rate regime should adopt the program of reference to a basket of currencies regime,and thus puts forward some proposals on further promoting the reform of RMB exchange rate regime to push forward the process of RMB′s internationalization.