| With China in the early 21st century became the world’s second largest economy and in 2014 than the United States to become the largest trading country in the world, has become the driver of global growth and in the wake of the 2008 global financial crisis become promoting global economic recovery difficult major economic force.Calls for the rapid growth of China’s economy in the top ten years of the 21st century per year had a huge trade surplus, western countries call for yuan appreciation to reduce the trade surplus with China handling charges of RMB exchange rate has become a center of trade war between China and the developed countries in the West.In order to reduce the question of China’s exchange rate system in western countries, also for coordination to achieve the internationalization of the RMB is a great historical task, on July 21,2005, the Chinese government officially announced on the RMB exchange rate formation mechanism reform, the establishment of "on market supply and demand as the foundation, the reference to a basket of currencies of regulation and management of floating exchange rate system, marking the RMB exchange rate formation mechanism really start to transparent and market-oriented.Through the research of the arrangement of the international financial system historical evolution and the present situation, the global exchange rate system, the domestic and foreign research results on money demand function and lay a foundation for the research of this paper on RMB currency demand function. This paper analyzes the factors influencing the amount of Renminbi currency demand, in July 2005 the RMB exchange rate formation mechanism reform of the major historical events as the time node, through the establishment and demonstration before the reform of the RMB exchange rate (1995-2005 July) the currency demand function, estimation of RMB exchange rate formation mechanism reform of RMB currency demand, use the central bank announced the RMB China supply data to estimate the RMB exchange rate formation mechanism reform has led to the currency demand, influence on the formation of China RMB currency demand mechanism reform in order to study theRMB exchange rate, the RMB exchange rate formation mechanism reform to explore the important historical significance.In line with the beta alpha 3 alpha alpha (alpha measurement of the China’s domestic production gross domestic product (GDP), real interest rate, real effective exchange rate, the urban population as a proportion of the explanatory variables, using quarterly data to construct the 1995-2005 years in the second quarter of the RMB currency demand function model: Ln(M0t(1+CPIt))=α1Ln(GDP/1+CPIt)+α2Tr,+α3ε/(1+CPIt)+α4X+α+θ, using the least square method, co integration test, unit root test, breakpoint test, cumulative residuals and test and measurement technology of measurement model is verified that the measurement model of explanatory variables and explained variables with long-term stability, measurement model test results showed that the model expectations.In this paper will be the third quarter of 2005-2014 fourth quarter data are substituted into the above the RMB currency demand function to estimate estimates of currency demand function value, show the actual value is higher than the estimated value to verify the RMB exchange rate formation mechanism reform currency, the renminbi, need for total has been enlarged, and the results conform to the expected.This paper shows that the reform of RMB exchange rate formation mechanism has a positive effect on the total amount of RMB money demand, which can promote the process of internationalization of RMB. Finally, based on the effect of the reform of the RMB exchange rate formation mechanism, this paper puts forward the corresponding policy recommendations, clear the RMB exchange rate formation mechanism reform should continue to move forward. |
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