Study About The Choice Problem Of The Exchange Rate System Of RMB

The exchange rate is regarded as the important tie of contacting domestic and international economy; it is playing a more and more important role in economy. Countries such as U.S.A., Japan, etc.are exerting pressure on China constantly, requires RMB to appreciate since 2003, make the exchange rate system of RMB choose the question to become the domestic and international concerned focus. Central Bank on 2005 July 21 announced that starting from today, China starts to implement take the market supply and demand as the foundation, refers to a basket currency to carry on the adjustment, to have the management floating exchange rate system, this is a great change in China's exchange rate system reform. The thesis first has carried on the summary take the time as the foreword to the domestic foreign exchange rates system choice research present situation, the more systematic discussion influence exchange rate system choice's key aspect, this has made the upholstery for the RMB rate system choice's influencing factor analysis, thus has also provided the general reference system for the RMB rate system choice. Next is about the RMB rate system choice historical evolution analysis and the RMB rate system's present situation analysis, in this process, obtains using the data empirical study in the reference currency basket, US dollar still accounted for 77.5% weights, Japanese Yen, Euro and the Australian Dollar proportion is small, explained that the present RMB rate system increased US dollar margin of fluctuation, the RMB rate elasticity had the expansion, was already not "other tradition pegged rate system" which IMF defined, but also shows that short-term RMB exchange rate system has not really withdraw from the pegged exchange rate system, in 2007 IMF includes China within the crawling pegged rate system. Then analyze to the defect of this kind of exchange rate system, it is unsustainable to obtain it, so is medium and long-term, the exchange rate system of RMB should expand the floating block, construct the system of the exchange rate target zone, it chooses to be free floating exchange rate system for a long time. The thesis has been explained finally to improve the measure of the exchange rate system reform of RMB.