China's Exchange Rate Regime Choice: The Exchange Rate Target Zone And Its Design

With China'S entry of W'rO．trade relationship between China and abroad IS stronger and stronger and exchange rate plays an important role in national economy．After the exchange rate reform in 1 994,in fact,RMB exchange rate is a pegged exchange rate．The thesis begins with the existiag problems of the current exchange rate regime,and introduces the causes and development of international exchange rate target zone．It also discusses the rationality of the application of exchange rate target zone for RMB,and put forward relevant suggestions on technical details． Firstly,analyzes the Exchange Rate Target Zone Theory,including three parts:the connotation of the exchange rate target zone,"Williamson Project",and the exchange rate target zone model． Secondly,chapter three analyzes the evolving process of Chinese exchange rate system and the character of present exchange rate system．It concludes that RMB exchange rate is not the equilibrium exchange rate,and the more rational exchange rate regime is exchange rate target zone． Then the chapter four introduces the equilibrium exchange rate theory． Equilibrium exchange rate which includes early equilibrium exchange rate, foundational equilibrium exchange rate(FEER),behavioral equilibrium exchange rate (BEER)and the equilibrium exchange rate in the emerging countries(ERER)This sector analyzes the factors to decide exchange rate and the estimation of equilibrium exchange rate in empirical analysis． Lastly,chapter five discuses the other factors of the exchange rate target zone,including the width of the exchange rate band,interventions in forex market,the publicity of the target zone and the other related policies...