汇率形成机制的国际经验及对中国的启示

International Experience of Exchange Rate Formation Mechanism and Its Enlightenment to China

当今主要国际货币美元、欧元和日元均采用自由浮动的汇率制度。人民币要实现国际化,自由浮动汇率应当是人民币汇率形成机制改革的最终目标。美元、欧元、日元之所以能成为国际货币,一方面与美国、欧盟、日本在世界经济和国际贸易中举足轻重的地位密不可分,另一方面三国所采取的汇率制度也为其创造了有利的前提条件。综观美元、欧元、日元的汇率安排,有以下方面值得中国货币当局学习和借鉴:保留货币当局在外汇市场管理方面的职能;汇率政策法制化;各机构分工协作;设立外汇市场管理基金。

Now many major international currencies such as dollar, euro and yen are all under a freely floating exchange rate system. To achieve the internationalization of the RMB, China＇s transition to a floating exchange rate system should be the ultimate goal of the reform of the RMB exchange rate formation mechanism. Why have dollar, euro and yen been able to become international currencies？ There are some good reasons for it. In the first place, US, EU and Japan play a pivotal role in world economy and international trade. Secondly, the adoption of exchange rate system of these three countries creates a favorable precondition for their currencies. According to the exchange rate arrangement of these three currencies, some lessons deserve to learn from for China＇s monetary authorities ： to keep some functions of monetary authority in foreign exchange market management ; to legalize the exchange rate system; to cooperate based on division of function; to set up a fund of foreign exchange market management.