印度的外汇管理政策改革

Reform of Foreign Exchange Management Policy in India

印度在建国以后较长时期内实行严格的资本管制,卢比基本采用盯住英镑的固定汇率,资本跨境流动受许可证制度制约。1991年国际收支危机爆发之后,印度启动经济改革,放松资本管制,卢比汇率转向有管理的浮动制度,经常项下资本实现自由兑换。分析印度外汇管理政策的变迁,可以发现一国经济的基本面才是本币竞争力的核心,外汇管制不能从根本上扭转外汇流动趋势。中印同为新兴市场经济大国,印度外汇改革的经验对我国人民币国际化具有丰富的借鉴意义。

India had adopted the capital controlling policy for a long history,the Reserve Bank of India fixed the rate between Indian Rupee and Pound Sterling,and restricted the movement of capital. After the international payment crisis in 1991,Indian government deregulated the capital control,established a managed floating exchange rate and realized the current account convertibility. Based on the experience of foreign exchange management in India,we found the fundamentals of domestic economy is the core competitiveness on the currency. As the emerging market economy,the reform of foreign exchange management in India has great inspiration for the RMB internationalization.