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Improve the RMB exchange rate formation mechanism

Author: GuMeiYuan
Tutor: ZhangWenCai
School: Institute of Fiscal Science
Course: Finance
Keywords: RMB exchange rate formation mechanism Managed floating exchange rate system Foreign exchange market Internationalization of the RMB
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 485
Quote: 0
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Abstract


With the accelerated process of economic globalization, the exchange rate as a balance of internal and external economic means of more and more concerned about China's RMB exchange rate regime choice and exchange rate reform process also affects the nerves of the world economy. From 2002 a few countries in the world to spread the \the root causes of global economic imbalances attributed to the RMB exchange rate undervalued, continue to put pressure on China, the RMB exchange rate issue many times as the important issues of the post-crisis international conferences. Then, in the face of complicated international situation, we should look at how the current RMB exchange rate formation mechanism? Current RMB exchange rate regime What are the implications of China's macroeconomic? How should promote the reform of the RMB exchange rate system to better leverage the exchange rate policy the role? we will have these problems one to explore. The first section describes the background, status and significance of the RMB exchange rate issue. The global financial crisis, the RMB exchange rate issue several times as an international convention issues, China is facing a lot of external pressure, at the same time, the current RMB exchange rate system also bring some difficulties to China's domestic macroeconomic management. Domestic academic research on the RMB exchange rate issue is more mature, and reached a more consistent view that steadily recommended RMB exchange rate formation mechanism reform, give full play to the role of the exchange rate policy to promote economic development and stability. The second part of the brief introduction to the theory of the exchange rate regime classification and the exchange rate regime. Cited the IMF exchange rate regime classification and Levy Yeyati and Sturzenegger exchange rate regime two classification methods, theory of the exchange rate system, introduces the exchange rate and macroeconomic policies, exchange rates and economic structure, the exchange rate regime choice theory, the theory of original sin and the fear of floating On such as the classical theory. The third part of the current RMB exchange rate formation mechanism, first affirmed the achievements of the reform of the RMB exchange rate, followed by the international background of the RMB exchange rate reform, the renminbi reference basket of currencies again composition, as well as the exchange rate regime of foreign exchange settlement and central management analysis, that under the existing mechanism, the formation of market-oriented basis of the RMB exchange rate is not enough sound, should promote the exchange rate formation mechanism reform and strengthen the market-based exchange rate formation, give full play to the exchange rate to adjust the resource allocation. The fourth part analyzes the current RMB exchange rate regime on macroeconomic constraints. Although the relative stability of the RMB exchange rate on China's economic stability and rapid development of made a huge contribution, but as China's economy continues to develop, the current RMB exchange rate formation mechanism to macro-control bring some negative effects, mainly to strengthen the export-oriented development model of path dependence, reserve accumulation and currency mismatch is worsening, enter the threat of inflation, macroeconomic stability, affect the independence of monetary policy. Fifth part for the first four parts of the RMB exchange rate regime and macro-economic impact analysis of proposed gradually improve the RMB exchange rate formation mechanism reform measures, mainly to improve the supply and demand, trading and hedging mechanisms, to build a strong foreign exchange market adjustment of central bank intervention ways to enhance the management of short-term capital flows, and secondly to give full play to the reaction force of the economic structural adjustment, improve the domestic financial system, again to have a vision of globalization, and steadily push forward the internationalization of the RMB, the strengthening of international cooperation and dialogue, better support and with the RMB exchange rate formation mechanism reform.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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