International Comparison Of Exchange Rate Regime's Evolution And China's Choice Of Route

One country's exchange rate regime choice differs according to conditions. International theorists mutually recognize that there isn't such a kind of exchange rate regime in any time, always is suitable to any country. And the international exchange rate institutional framework is in the unceasing change, following the development and change of economy. Precisely based on this view, the exchange rate regime choice should not be a static regime fit and unfit quality comparison, but should be a dynamic choice which unifies the development of one country's economy; Meanwhile, because of the influencing factors, exchange rate regime choice is "bipolarization", the experience model union theory analysis is more reasonable. This article from a new thought angle, insists that the choice of exchange rate regime must be from the international exchange rate regime dynamic evolution, take the international experience and enlightenment union theoretical analysis as the basis, finally instructs the practice. The article embarks from the correlated exchange rate regime choice theory, under the background of world's economy is becoming more and more open, performs to analyze the international exchange rate regimes' general trend , then chooses the typical countries, Thailand ,Japan and Poland to discuss. Thailand defends stubbornly the pegging exchange rate regime under the open economy, the evolution lesson of Japanese radical-like changes from the fixed rate of exchange to the completely free fluctuation as well as the experience that Polish carries on successful advancing gradually-like transformation, summarizes the experience and enlightenment. Then explained from the theory, angle the dilemma of pegging regime in the long-term implementation, the risk of two-pole jumping radical evolution way, finally the theory feasibility analysis about the use of "intermediate regime" to realize steady transition. Under this frame that unify Chinese present the economical development situation and the future tendency we rethink about China's exchange rate regime realistic difficulties, determine the Chinese ultimate objective of exchange rate regime evolution and the safe evolution way, and propose the rational choice of route.