A Survey And Analysis On The International Currency System Reformation Under Financial Crisis Background

International monetary system is the international trade settlement, when applied monetary system. Generally speaking, the international monetary system should have three basic elements: the establishment of the international monetary, exchange rate system was established and the corresponding regulatory mechanisms, namely: when used in international settlement provisions of the international monetary and reserve currency sources, quantity and range of applications requiring a national currency with other countries and their currencies and exchange between the way the international monetary and price ratio, provided the balance of payments adjustment mechanism for adjusting balance of payments, promote global economic development. Thus, the history of the international monetary system evolution can be divided into several stages, namely: gold standard, the Bretton Woods system, the Jamaica system.These phases in the production and development process were to play an important role, but also a lot of storm drain problems and defects, and the collapse of the collapse one by one. With the advent of the financial crisis, the existing international monetary system more and more like some flaws, the credit risk arising from credit expansion and moral crisis-induced financial crisis, the dollar standard has liabilities of the U.S. economy indulgence, while the existing monetary system foundation - the exchange rate uncertainty has exacerbated the spread of the crisis. Current international monetary system mainly as a kind of institutional anarchy: the world of a free indulgence of monetary policy, lifting of restrictive monetary policy of the various systems, while allowing the currency in the global free movement, allowing the currency price float freely within a certain range, governments do not actively intervene in the economic development in the regulation of the free market economy. Because of this institutional flaw of the international financial system to some extent, in no order of the state, which also contributed to the financial crisis. International monetary system in its three core elements of the international reserve currency, exchange rate adjustment mechanism and storm drain above all its inevitable flaws, as the financial crisis broke out, and played a role in fueling the spread, therefore, the international monetary system will inevitably of facing a full range of reforms.To reform the monetary system, first for the exchange rate system. Exchange rate system reform, reform of the international monetary system is the basis and key. In the choice of exchange rate regime and principles to consider many issues, but any problems and all have a prerequisite principles, namely: the exchange rate system must be in all countries and regions and the reality, to analyze specific issues. International exchange rate regime choice should be formed by the following aspects: the developed countries and regions, free-floating exchange rate, developing countries and some developed countries to effectively monitor and under the floating exchange rate system, effective coordination of national exchange-rate policy. Developed countries and regions of the free floating system consistent with the capacity of developed countries themselves, now, more free floating exchange rate system on the economic development of countries and regions have a positive effect, that a floating exchange rate system is totally flexible to adapt to advanced countries and regions, the principles of market economy, able to regulate the market economy as an important leverage and tools. Developed a number of small, open economy can also choose to peg exchange rate system, in order to maintain regional economic stability and prosperity. The developing countries should change rigid exchange rate arrangements, flexibility into the establishment of an effective monitoring mechanism with a floating exchange rate system. Of course, in the future there may be a fixed exchange rate system unified floating exchange rate system or the situation, but for now the exchange rate system developing countries should have the flexibility to change too much freedom can not, can not be a rigid fixed exchange rate system . While the basis of international cooperation, with a reasonable adjustment mechanisms to avoid the sharp shock of major currencies.Goal of the reform the international monetary system structure should be a "multi-dimensional three-dimensional structure", each currency area is the basic element of architecture, the core of these elements, that is the core of the various currencies currency area formed a high-level structuring element, while the formation of these core currency structure of the corresponding high-level there is a core, which is similar to the nature of the world's monetary unit element. Ideal state is, each common currency areas becomes more uniform policy, but also the high level elements constrained by international organizations to achieve the overall coordination of the various region policy and multi-level multi-currency is fully meet the region and the world of demand for money. Multi-dimensional structure of the currency than the two-dimensional plane structure has more advantages, more levels, more orderly, coupled with the coordination between monetary zone and the IMF more obvious advantages of the unified operation. The key to the competitive advantages of each currency area is the construction and development and its role in the international monetary system. In recent years, as China and other emerging economies in the world economy more and more important position and role of Asia-Pacific Regional Development and the Asian currency yuan building is particularly important.Approach to reform the international monetary system should be gradual rather than radical type of shock therapy, in the short term, the dollar will maintain its key currency status, a period of time to play a positive role; in the medium term, the euro and other Improvement of the regional currencies will slowly share the responsibility of the U.S. dollar as world currency, the international monetary system over the first two-dimensional plane structure; the long term, with each element - the birth and development of regional currencies and the corresponding perfect coordination mechanism more systematic, orderly monetary system-dimensional structure will be gradually established.China as a big country, a great increase in economic strength, the yuan will also be the international community recognized as an important international currency participate in international monetary system which, for the reform of the international monetary system to contribute.