Empirical Study Of The Rmb Exchange Rate System Reform

Recently, our economy dissolves increasingly into the world's economy, facing an economic globalization, the issues involving economic and trade and exchange rate can't be refused to discuss by the excuse of "national sovereignty". For the sake of self-interest, China has to envisage the problem of RMB exchange rate. RMB exchange rate reform started in July, 2005, although this put down the dispute lasting 3 years about the appreciate of RMB exchange rate, the pressure which is put by the international society still being, and since the reform, the RMB exchange rate still impact the high point again and again, some economists report that RMB would accelerate appreciation in 2007. Now, facing the wide open of finance, how the RMB exchange rate chooses, and how the new exchange rate regime will go on, these problems are of the most important ones now.The main content and innovation covers: 1.Analyze the exchange rate regime and study the principle, content and the evolvement of the new reform of exchange rate regime completely; 2.Discuss the merit and shortcoming of the exchange rate determination theories in detail and expatiate their applicability in china; 3.After analyzing the macroeconomic factors, which influence the exchange rate change, this paper establishes a long term model of RMB exchange rate determination, makes an empirical study of this model, estimates the misadjustment of the RMB exchange rate, and finds a good way to ease the press of the appreciation of RMB; 4.Put forward some suggestions for the development of the new RMB exchange rate regime.