人民币升值压力的另类诠释--汇率机制中的央行干预与非对称性

在纸币流通条件下的固定汇率制和管理浮动汇率制中,中央银行的外汇市场干预行为能够直接影响外汇市场的供求关系,从而成为影响汇率走势的直接因素;转型过程中所特有的非对称性机制,也会直接影响外汇的供求变化。我国国情的基本状况决定了目前人民币币值稳定的汇率政策,在外汇供过于求的情况下,实现汇率政策目标的较为有效的工具则是中央银行外汇市场干预行为。而形成目前人民币升值压力的原因,本质上并非经济基本因素,而是供求机制中的非对称性。

New Explanation on the Mechanism of Renmingbi's Exchange Rate:Central Bank's intervention and the Non-symmetric Property

The specific situation in China has led to the present exchange rate policy for stabilization of Renmingbi`s value , and in the case of supply of foreign exchange exceeding demand, Central Bank`s intervention in foreign exchange market becomes an effective policy tool. Moreover, it is not the basic economic factors, but the non-symmetric property in the exchange rate mechanism, that results in the present appreciating pressure of Renmingbi`s value. Thus, improving the non-symmetric property in the mechanism should be the effective measure to reduce the appreciating pressure of Renmingbi`s value at present.