The Choice Of The Exchange Rate System Of RMB Under The Opening Finance Circumstance

The world is an opening world, the economic globalization is the irreversible tide of economic development of the world, and the degree of the finance opening will be strengthened further too. As the central variable of the open economy, the choice of the exchange rate system is essential to any country. The financial crisis at the turn of the century has announced the inappropriate exchange rate system is an important factor of the crisis, especially the monetary crisis of new developing marketing country. As far as our country, no matter the need of the market-based reform or the need which meets the internationalized trend, it has already been a unchangeable fact to make further opening in the field of finance, the reform of the system of exchange rate is imperative too..This text takes gradual progress of the exchange rate system of the world of the 20th century as the breakthrough point and analyses the reason of the gradual progress of exchange rate system. It also analyses that RMB exchange rate system has inevitable demand to be reselected under the further-more opening circumstance of China's finance. During the analyzing of the choice of the exchange rate system under the finance opening circumstance, using Krugman's model of the exchange rate target zone system, design a framework, which is suitable to the progressive route of the further-more finance opening.This thesis includes 4 chapters. Chapter 1 introduces the history of 20th century world exchange rate system and the present state. The author tries to find the motive of the exchange rate system development. By analyzing the state of current exchange rate system, chapter 2 points out the necessity of the reform of exchange rate system. By comparing the exchange rate target zone system and manage floating system, Chapter 3 concludes that exchange rate target zone system is more suitable to our country. Chapter 4 puts forward the basic framework of the target zone system in our country.The innovation of this text lies in the valuable exploration of the opportunity of implementing the exchange rate target zone system in our country, the establishment of the goal of FEER, the time when the Central Bank intervened and the international policy coordination based on the domestic scholar's existing foundation of studying. The author wants to get some new exploration though it is difficult to remedy the deficiency of the studying in this field.