中国的汇率政策:目标与工具的选择

China's Exchange Rate Policy:Choice of Goals and Means

中国现行汇率政策的基本框架为:以经济增长为最终目标,以着力于抑制升值的名义汇率稳定为中介目标,以参照美元汇率走势的汇市干预为操作手段。这种政策模式虽有一定的客观合理性,但因为其带来的问题日益严重而缺乏可持续性,必须做出调整。新的汇率政策模式应当是:以国际收支动态平衡为最终目标,以实际有效汇率稳定为中介目标,以多种工具有机配合为操作手段。

The current exchange rate policy in China now is of this basic frame：having the economic improvement as the final target, having the controlling of the appreciation of nominal rates as the intermediate target, and having the exchange market intervention, which refers to the exchange rate trend of American Dollar,as the operating method. In spite of some objective rationality, China＇ s current exchange rate policy is unsustainable because the prob- lems it brought are more and more serious. It must be revised：The ultimate goal from economy growth to dynamic equilibrium of international balance payment, the intermediate target from nominal exchange rate stability to real effective exchange rate stability, the operating means from foreign exchange market intervention to integrated using variety of tools.