Choice Of Exchange Regime For Finnancial Market's Further Opening-up In China

China's present exchange regime is in fact a US dollar-pegged exchange rate regime, which is problematic both in present situation and in the milieu of financial market's further opening -up, then arouse the question of the regime's reorientation. However, there are rigid restrictions for the choice of floating exchange rate, so that the advantages that exist theoretically under floating exchange rate regime have few effects in practice. Therefore, the logical conclusion is that the reorientation of exchange rate regime should be between fixed exchange rate and floating exchange rate, and the ideal choice is exchange rate target zone. At last, constructed an econometrical model for RMB target zone and put forward the measure.