亚洲货币单位对东亚货币合作和人民币汇率改革的影响

本文说明了亚洲货币单位的编制背景、功能以及方法和结果,并指出了编制方法中的缺陷。通过模拟人民币单一钉住美元与单一钉住亚洲货币单位,我们发现钉住亚洲货币单位更有助于维护人民币贸易加权汇率稳定。通过钉住AMU,还能够借助国际金融市场为人民币合理定价和低成本规避汇率风险。在人民币在亚洲货币单位中占据较大权重、人民币与亚洲货币单位之间保持相对灵活的平价调整规则的前提下,人民币保持与亚洲货币单位的相对稳定将有助于推进以市场供求为基础和参考一篮子货币的人民币汇率形成机制。

The Effect of Asian Monetary Unit upon the Cooperation of East Asia Currencies and upon the Reform of the Exchange Rate of RMB

In this paper, we have illustrated the backdrop of drawing up the Asian currency denomination, its function, method and result, and pointed out its drawbacks By the respective simulation of the single peg of RMB on US dollars and Asian monetary units (AMU), we have discovered that the single peg of RMB is more helpful to upholding the stabilization of weighted exchange rates in transactions by RMB By means of peg on AMU, we can also, with the aid of international financial markets, price RMB reasonably and evade exchange rates risks at low costs On the prerequisite that RMB is more weighted to AMU and that there is the rule that the relatively flexible parity adjustment is maintained between RMB and AMU, keeping the relative stability of the exchange rate between RMB and AMU will help advance the formation of the mechanism of RMB exchange rates that are based on market supply and demand and that take the currency basket for reference