On The Reform Of Exchange Rate Formation Mechanism Of RMB

RMB exchange rate formation mechanism reform is the focus of research scholars at home and abroad, China's economy is a hot issue on the formation mechanism of the RMB exchange rate reform is highly theoretical and practical significance. This paper summarized scholars at home and abroad related to the research results, recalled from the beginning of 1949 to the current RMB exchange rate formation mechanism reform of the process, from the perspective of both macroeconomic and microeconomic analysis of the RMB exchange rate formation mechanism for reform, reform of the way and the future direction that the RMB exchange rate reform should be gradual increase flexibility, the central bank gradually dilute the authority to the RMB exchange rate gradually moving toward market-oriented.This paper is divided into four parts. Introduction to the first part of proposed topics significance of this paper reviewed the results of research on domestic and foreign scholars, the study pointed out that the RMB exchange rate formation mechanism reform of China's economic development and stability of the world economic order theoretical and practical significance.The second part briefly of the RMB exchange rate formation mechanism of History. RMB exchange rate formation mechanism reform in 1949 has so far gone through three stages: the first stage is the planned period of the RMB exchange rate system. At this stage, the RMB exchange rate reform is divided into national economy recovery, and the period of socialist construction and Western countries adopted a floating exchange rate system of the RMB exchange rate system reform era. At this stage, the RMB exchange rate formation mechanism stability of the RMB exchange rate is mainly based. The second stage is the period of economic transformation of the RMB exchange rate system. During this period, the RMB exchange rate formation mechanism is divided into internal trade official premium and the price premium both stage and official foreign exchange swap coexist with the stage. During this period the RMB exchange rate is still trading of the exchange rate. In the shortage of foreign exchange, earned an arduous task environment, the exchange rate of RMB services in the development of foreign trade, to encourage export-led purpose. In a specific historical, economic conditions formation of the exchange rate system, only as a transitional measure, it is impossible to become China's long-term exchange rate system. The third stage is the period of the market economy RMB exchange rate system. At this stage, the official exchange rate of RMB and foreign exchange swap market exchange rate system, unified implementation of the RMB exchange rate based on market supply and demand, a single, managed floating exchange rate system. During this period, the RMB exchange rate fixed in a single dollar peg exchange rateThe third part from the macro aspects of the RMB exchange rate formation mechanism. First against the RMB exchange rate pegged to the dollar exchange rate system causes, effects and elaborate role. Analysis of the RMB exchange rate in the period of market economy and the characteristics of the RMB exchange rate system pegged to the dollar exchange rate the necessity of also pointed out that the RMB exchange rate pegged to the U.S. dollar and the difficulties encountered pressure. On the one hand, this kind of pressure from the international community, mainly the United States, Japan and other developed countries trade pressure from China on the other hand the domestic pressure on the foreign exchange reserves. The central People's Bank of timely choice of the formation mechanism of the RMB exchange rate reform, the RMB exchange rate is no longer a single dollar peg, but in accordance with the development of China's actual situation, select a number of major currencies, given appropriate weight to form a basket of currencies; At the same time in accordance with international and domestic economic and financial situation, based on market supply and demand, with reference to a basket of currencies of the RMB exchange rate index multilateral changes to the RMB exchange rate management and regulation of the RMB exchange rate more flexible, and keep the RMB exchange rate at a reasonable and balanced level. basically stable. Based on the BBC Singapore exchange rate system as an example of "a basket of currencies" of the exchange rate formation mechanism and explains. At the same time the central bank to expand the inter-bank foreign exchange market that its Yuan-dollar exchange rate floating range of the reasons for the policy analysis that the RMB, the expanded range although in the short term appreciation of the RMB would accelerate, but in the long term, and continually enhance flexibility in the exchange rate will be effective ease unilateral foreign sharp appreciation of the RMB 's expectations, will help alleviate the pressure on the appreciation of the RMB.The fourth part of the microeconomic aspects of the RMB exchange rate formation mechanism reform. First, from the micro-structure of the foreign exchange market analysis, detailed bank settlement system and the banks listed the RMB exchange rate band management, the inter-bank market brokered trading system and the inter-bank market exchange rate floating range management, banking liquidity position of foreign exchange settlement and sales management, the Central Exchange Bank of the contents of the open market operation. Analysis of the RMB exchange rate formation of the market structure, market participants and market varieties. The RMB exchange rate formation mechanism of the micro reform, in particular on the reform of foreign exchange settlement and sales system reviewed that only reform mandatory settlement system for foreign exchange settlement and sales system will be the realization of the real to the people. Finally, we believe that only improve the RMB trading rules design, the introduction of market maker system, dilute the central bank in the foreign exchange market in a strong position, abundant foreign exchange products, the establishment of long-term foreign exchange market, giving market participants to prevent and deal with foreign exchange risk more freedom, can we build a sound of a healthy foreign exchange market, the RMB exchange rate formation mechanism reform to ensure a smooth transition.Part V is the full text of a general summary of the formation mechanism of the RMB exchange rate reform has been from a macro-level reform has gradually transition to the micro-level reforms. In the long term, the RMB exchange rate market-oriented reform of China's exchange rate regime is the ultimate goal.