The Regime Foundation Of RMB Exchange Rate Policy-effectiveness

Nowadays, few people work at Studying RMB exchange rate policy-effectiveness which is thoroughly studied in this article, although there are many study documents about RMB exchange rate policy.This article points out that the regime foundation of improving of RMB exchange rate policy-effectiveness lies in trying to carry forward property right reform, which will lead to building reasonable property right regime, and creating rational market participants, on condition that the exchange rate policy finally acts on microeconomic participants. The rational market participants should entirely and independently own unique property rights and are entitled to freely participant in transaction in the market at home and abroad.This article consists of three chapters.Chapter I to retrospect the present basic economic theory-Elastic Analysis theory and its defect, mainly to analyse Marshell-nenner Condition which expounds exchange rate variation can effect trade balance variation, then to point out a proposition about the regime foundation of exchange rate policy-effectiveness; Chapter II to inspect and prove the theoretical proposition in empirical methods, referring to the practice of Chinese foreign trade and RMB exchange rate policy; Chapter III to point out some policy advices to improve RMB exchange rate policy-effectiveness depending on carrying out property right reform and creating the rational market participants.