RMB Exchange Rate System Reform, Financial Operation And Risk Control For Import Enterprise

People's Bank of China announced that in order to establish and improve China's socialist market economic system and make it play a basic role to allocate resources of the market, it's going to establish the flexible exchange rate system based on demand-supply relationship. And it became effective since July 21, 2005, which is no longer pegged a single dollar, and form a more flexible RMB exchange rate mechanism.China's exchange rate system reform which is from single system to floating rate made an important step.Subsequently, the exchange reform measures came more and more frequently, just as expand the floating range, strengthen the breadth and depth of the exchange market, the introduction of market maker system and set up a small pilot project in Shanghai, then the exchange mechanism became further market-oriented.RMB exchange rate formation mechanism became the focus of our attention, because of the key role in sustainable development and national interest. And it also infected economic and enterprises development.Since July 2005, exchange system reformation is adhering to initiative, controllability and gradually, which rise slightly.Talking about the effect of RMB appreciation on economic, different scholars has different opinions. There are also a lot of controversies on if the RMB should be taken to a gradual appreciation or in one step.In the light of the above, this article make a detailed analysis of the background, objectives, program, and the effect of economic of the RMB exchange rate reform and discussion on reform of the RMB exchange rate against the backdrop of corporate response. And in the main part of this article we combining actual working experience discuss about how importing enterprise grasp the opportunities brought by the reform of the rate system to obtain income through financial operation while at the same time what kind of counter-measures can be taken to precautions against the risk. This article is divided into four chapters:The first chapter recalls the reform of RMB exchange system process and the changes of exchange rate, and analysis the impact on macro-economic and different industries.The second chapter focused on the apparent unilateral revaluation of the RMB exchange rate, the way to access the income of appreciation for enterprises, while access to domestic and international risk-free interest rate arbitrage income.The third Chapter focused on the much more drastically two-way fluctuation of the RMB exchange rate, which measures could be taken to control risks while ensure the acquisition proceeds. Focused on in the exposure operation of the exchange rate without taking hedging tool against inflation, how to make risk response plans to control risks by controlling the scale of the operation and at the same time setting pre-alert level for the main macroeconomic indicators.The forth Chapter continue to analysis measures of controlling risks in a two-way fluctuation of the RMB exchange rate, and even at the depreciation stage. The difference is that this part focuses on how to use tools like structural financial products and hedge fluctuations to preserve risk and increase profit.