Nail Tailed Bird Exchange Rate Regime To Withdraw From The Strategic Research

In recent years, the exchange rate war of international community is unusually fierce, and trade war even political fight caused from this rise one after another, in the west seven country finance minister and president of central bank conference hold in 2003, the RMB appreciation theory almost became recurrent history of the square agreement signed in 1985. Seven country summit meeting hold in 2003 reach common understanding of"the excessive fluctuate and unordered change of exchange rate is unfavorable to the economic growth, and emphasize the exchange rate flexibility again. The arrangement of exchange rate and exchange rate regime is the hot topic that the international finance theorist and the practical department focus together.Undoubtedly, in initial period the implementation of pegging exchange rate regime is advantageous to the development of developing country's foreign capital and foreign trade, is advantageous to the containment of the inflation, and promotes the developing country's credibility. But similarly, undoubtedly, in 1997 the eruption of the financial crisis in Asia is connected with these nations' choice of pegging US dollar exchange rate regime. The pegging US dollar exchange rate is the one of inducements. This exchange rate is not continuable that is proved.China also faces the choice of optimal exchange rate regime. Research indicates it is not very long that many countries and regions maintain the pegging exchange rate regime and the average time is about ten months. But in China, the de facto pegging US dollar exchange rate regime have implemented more than ten years. What mechanism did make China maintain the pegging exchange rate regime so long time? Did the pegging exchange rate regime adapt to the demand of China economic development? If not, which exchange rate regime should we choose? How to exit from the actual exchange rate to the target one? These questions are worth deep thinking.This paper start with the selection and exit strategies of exchange rate regime, analyzed comparatively two ways of exit strategies--the gradual and the compelling, and the conclusion is: the modern exchange rate regime system is not that one if not this, but various exchange rate regimes exist together and are one dynamic system shifted each other. The selection of exchange rate regime should be according to the actual situation. The country or region should choose the positive and gradual exit...