美元汇率预期管理实践及对我国的启示

The Practice of US Dollar Exchange Rate Expectation Management and the Enlightenment on China

本文首先介绍了美国的汇率干预制度安排和汇率预期管理发挥的作用,对美国上世纪八十年代以来不同时期汇率干预的典型案例对其预期管理的实践进行了分析,总结了美元预期管理的经验,归纳了政策取得成功的因素。提出了加强人民币汇率预期管理的政策建议。

The paper firstly introduces American exchange rate intervention system arrangement and the role of the exchange rate expectation management, analyzes the typical cases of exchange rate intervention in different periods in the United States since the 1980s and the practice of the expectation management, summarizes US dollar expectation management experience, concludes the suc- cessful factors of the policies, and puts forward the policy suggestions to strengthen RMB exchange rate expectation management.