我国汇率制度的选择

在中国逐步走向开放经济,经济体制转轨的背景下,现行的盯住汇率制度降低了货币政策的独立性,制约了利率市场化改革的进程,减弱了应对外部冲击的能力,进一步增强了外汇储备的内生性和汇率风险.我国现实经济条件决定了人民币汇率制度改革的方向是建立汇率目标区制度.汇率目标区制度的设计符合中国金融市场渐进式的开放路径,选择汇率目标区可以避免人民币汇率单向运动带来的负面影响,增强汇率政策的有效性和灵活性.因此,需要构建合理的人民币汇率目标区体系,并进行相应配套政策措施的改革.

Choice of China's Regime of Exchange Rate

In the transitional period of China's economic administration system when the market economy is increasingly open,the existing USD-pegging regime of exchange rate weakens not only the independence of China's monetary policy but the capability to cope with external impact and restrains the marketization of interest rate and,especially,intensifies the internalization of foreign exchange reserves and risks due to big change in exchange rate.Under actual conditions,a decision has to be made that the reforming orientation of the regime of exchange rate is to form a target area system of exchange rate.The design of such a system shall conform to China's financial market that is evolving to open further,and avoid the negative effect arising from the unidirectional movement of RMB's rate toward USD so as to make our policy of exchange rate more valid and flexible.The reasonable target area system for RMB's rate is therefore regarded as necessary to build as soon as possible with corresponding measures provided to support it.