Enlightens Of Yen's Appreciation Research To The Reform Of Rmb Exchange Rate

Since 2001, the RMB has been facing increasing pressure of appreciation.in 2005, China reformed exchange rate regime, changing the system the dollar peg and implementing a market-based, managed floating exchange rate system. Then RMB appreciates gradually, but the pressure of appreciation has not decreased. With the rapid growth of China's trade surplus and the U.S. dollar trade deficit, the RMB exchange rate is still under pressure of appreciation.Problems of RMB are similar to the status of the yen in 70s of the 20th century. In 1971, yen suffered 30 years'appreciation for the U.S economic imbalances. From the dollar peg system before 1971 to a managed floating exchange rate system after 1971,Japan gradually makes the yen free-floating and internationalization. China replaced Japan as the largest source of the U.S. trade deficit in 2001, but the trend appreciation of the yen has not suspended. In response to currency appreciation, Japanese government adopted a series of macro-economic measures, impacting the Japanese economy significantly. So the experience of the yen's appreciation that can be learned to handle the RMB exchange rate problem has become a hot topic of Chinese and foreign scholars.But the appreciation of the yen and the RMB exchange rate problem are in different periods and economies, is it meaningful that the lessons learned from appreciation of the yen against the RMB exchange rate problem? This question depends on whether the yen appreciation and the RMB exchange rate problem have the same roots.Based on the above problem, this paper analyzes and compares appreciation backgrounds of the yen and the RMB exchange rate problems. And on this basis, we can get inspiration from the Japanese measures dealing with yen's appreciation, helping to take effective measures to prevent economic losses from the continued appreciation of RMB.This article is divided into four parts, the main contents and conclusions are as following:The first part is the introduction of this article. In second part, divided appreciation of the yen since the 1970s into four stages, and analyzed the background of each stage. The third part Compares the similar elements of appreciation background of the yen and the RMB. To solve the problem, we need to figure out the cause that what causes a global economic imbalances and in the context of global economic imbalances, what measures should be taken to deal with the currency exchange rate problem.The fourth part is to make a few comments on how to solve global economic imbalances.The fifth part is the conclusion.After analyzing the context of persisitent appreciation of RMB and yen,this paper finds that the international division of labor transfer and the international currency mismatch is the reason of currency appreciation under the context of global economic imbalance. This finding suggests that the exchange policy alone will not suffiently solve the American problems.Global imbalances requires economic structure adjustment and the international monetary system reform which need cooperation of the two parts of economic imbalances. The United States is still the superpower, and let it give up its dollar central currency position is unrealistic. But with the improvement of China's international status, and the intersection with U.S. economic interests, the two sides cooperation on international issues is possible now.