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A Research on Formation Mechanism of Renminbi Exchange Rate

Author: ZhangChaoZuo
Tutor: JiangDongSheng
School: Capital University of Economics
Course: Western Economics
Keywords: RMB exchange rate A basket of currencies mechanism New exchange rate regime Monetary Cooperation
CLC: F832.6
Type: Master's thesis
Year: 2007
Downloads: 325
Quote: 0
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Abstract

Exchange rate system is an important part of a country's economy, the appropriate exchange rate regime is one of the important guarantee of a country's economic growth. Since 1994, the RMB exchange rate regime tends to peg the fixed exchange rate system, which created favorable conditions for more than a decade of enormous economic development in China. However, with the continuous improvement of economic openness, China's economy is deeper integration into the world economy, but at the same time the domestic economy will inevitably face various shocks brought about by the instability of the international market. In this new situation, the effectiveness of the pegged exchange rate regime would be a more severe test. Pegged exchange rate regime reform and adjustment is very urgent and necessary. In 2005, the reform of the RMB exchange rate regime become the focus of the most popular on the international financial market. July 21, 2005, the central bank announced a 2% appreciation of the RMB against the U.S. dollar, and the RMB exchange rate formation mechanism changed with reference to a basket of currency regulation a managed floating exchange rate system pegged to the dollar from the previous system. The so-called reference to a basket of currencies, a select number of major currencies, according to the close of trade and investment, the composition set different weights in different currencies to a basket of currencies, setting the floating range of the currency of the country under the basket The currency is floating within range. Before the central bank's current exchange rate regime reform, many scholars have put forward the views and suggestions from the yuan peg to a basket of currencies on the theory and practice of operating. But the revolution has only just begun, and the RMB exchange rate mechanism is not yet perfect, and did not reach the ultimate goal of the reform of the exchange rate system. In this case, the exchange rate regime will continue to adjust. In this paper, based on the background of the economic opening, focusing on the fixed exchange rate regime and the Chinese economy incompatibility (incompatibility) discuss the RMB exchange rate system, the need for implementation of the reform, to explore the impact of the reform of the RMB exchange rate on the main micro economy, and predicted the basic direction of reform. The text is divided into six levels: the first part of the elaborate and evaluate the evolution of the exchange rate regime in China since the reform and opening up development path. Part II presents the current exchange rate regime choice relying on the international economic background, and analysis of a number of factors that affect the choice of exchange rate regime. Definition and connotation of the third part describes the mechanism of the currency basket, theoretical overview analysis of different scholars, and a brief description of the currency basket mathematical derivation mechanism. The fourth part of the use of models to analyze the causes and mechanism of the currency basket mechanism. The fifth part of the theory expounded China's exchange rate reform. Finally, we discuss the significance of the impact of the reform of China's exchange rate reform of the Asian financial and monetary integration in Asia, and to explore the need to complete measures to establish a system of exchange rate target zones. Although China has just changed China's exchange rate mechanism, the exchange rate system, but in reality there are still certain issues does not solve our practical problems, arrangements during the period after the exit from the pegged exchange rate system, the exchange rate system, China's exchange rate regime is the how perfect? ??how the transition to the real managed floating exchange rate system, or are we worthy of study.

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