Rmb Exchange Rate Regime Choice In The East Asian Monetary Cooperation

This article catches the relevant international background of RMB exchange rate system choice, follows the developing course of RMB exchange rate system reform, and summarizes the characteristic of reform and the goal that will reform in the future. It comments basic concept and different angles on this question of theory circle at present .The author thinks that we should study RMB exchange rate system choice from the angle of monetary cooperation in East Asia. Afterwards, it introduces the condition of monetary cooperation, including his theoretical foundation, progress and main difficulty that still exist to the monetary cooperation in East Asia. Then the author expounds the possibility of further development of East Asian monetary cooperation and predicts the most possible cooperative fields for next step.On this basis, the text researches the present situation issue of RMB under the cooperative pattern of East Asian currencies: Probing into self-realization of contagious devaluation ". After one currency devalued in area, especially as one of international reserve currency Japan yen devaluing, it can damage growth and stability of domestic economy if RMB continuously maintains to peg the U.S. dollar. And the current Bilateral Swap Arrangement in East Asia further falls China into predicament.Thesis designs a scheme to push forward for the monetary cooperation in East Asia, that is to establish east Asian Exchange Rate Stability Fund and East Asian Exchange Rate Mechanism of pegging combinational monetary basket. The aim is to seek a kind of sustainable exchange rate steady, evade the risk of the financial crisis and balance the cost and income in monetary cooperation of various countries.The cooperative scheme is highly correlated with the choice of RMB exchange rate system. The text proves the feasibility of this scheme, and then proposes that under cooperative conditions of China and Japan, RMBexchange rate system choose monetary basket including U.S. dollar, Japan yen, Euro, and then lead other countries of East Asia to carry out the transition to a common monetary basket.