An Analysis On Restrictive Factors Of RMB Exchange Rate's Marketization From Perspective Of Property Rights

With the acceleration of international economic integration process and enlargement of our country's opening economy , the relation between China economy and world economy is getting more and more close, the desire to seek a more effective disposition of economic resource globally also become more intense, the exchange rate toward the marketability is not only the intrinsic request of our country's deepening the economic restructuring, but also the necessary condition to the integration of our country's economy with the international market .The exchange rate is the ratio of a country's price level to the other in essence, under the background that global economy become more and more relying on market to dispose economic resources, the RMB rate must reflect the ratio accurately between the price level of our country and that of other country, the first condition is there must be a serial of prices inside our county that be able to reflect fully the scarcity degree of resources, the cost of production, the strengths of supply and demand on the market as well as consumers'preferences, which requests that the market participants must be independent main bodies of property rights, therefore all the resources can achieve optimal disposition through market on both product markets and element markets. Although the reform of China's economy system has been carrying out up to now, the state-owned enterprises that still occupy the dominant position in our country's economic system ,have not become the independent main bodies of property rights, for the problem of property rights has not obtained basic solution; the true element markets have not yet established due to elements'property system is imperfect ,these will become the fundamental barriers to the establishment of marketable price system, which will restrict market-oriented reform of the exchange rate system finally.The marketization of exchange rate can not leave the foreign exchange market where the market participants can trade foreign currency freely, excessive market controls taken by the government have in fact hindered the formation of foreign exchange market in the true sense, the controls are actually deprivation from main bodies of property rights. It is because that the main bodies on the foreign exchange market have not obtained the complete property rights, they can not become independent main bodies of property rights, therefore the exchange rate based on this form is far from marketable exchange rate.Therefore, the market-oriented reform of RMB exchange rate involves two aspects: one is the reform of fundamental property system, including the property rights reform of State-owned enterprises and that of elements; the other is the reform of exchange rate system, including free convertibility and more free to foreign exchange transactions.