The Research On RMB Exchange Rate Formation Mechanism And Market-oriented Reforms

With the opening of the degree of integration of the world economy continues to deepen, the exchange rate market-oriented reforms has become an inevitable trend in the reform of China’s exchange rate system. The party’s 18 th report proposes to continue to deepen the reform of the RMB exchange rate formation mechanism and gradually achieve capital account convertibility in an orderly way, to promote the rapid development of cross-border RMB business. The key market-oriented reform of RMB exchange rate is market-oriented operation and establishing the exchange rate mechanism, market-oriented reform of RMB exchange rate target must be to establish a sound and effective exchange rate formation mechanism.Since the 1994 merger of the RMB exchange rate regime, the RMB exchange rate mechanism in constantly improving, gradually adapt to changes in the exchange rate mechanism of the market. After the financial crisis in 2008, China accelerate the process of internationalization of the RMB, the larger the magnitude of the RMB exchange rate movements, while the exchange rate mechanism is not able to adapt. How to improve the RMB exchange rate mechanism, yet to explore the theory and practice.Firstly, the RMB exchange rate market reform process, clarify the current situation of RMB exchange rate market reform, the RMB exchange rate market analysis of the reform process in the exchange rate mechanism of the problems, including the basis for determining the RMB exchange rate is unreasonable, the RMB dollar currencies in the basket right major, Bank of the RMB exchange rate intervention mechanisms need to perfect.Secondly, from the perspective of the evolution of the international monetary system, analyze the basic evolution of the exchange rate formation mechanism, choose the exchange rate regime from Mundell and Friedman contend, combining the actual development of China’s economy, the RMB exchange rate market-oriented reforms elaborate and perfect path Experience the RMB exchange rate formation mechanism of reference. Throughout the history of the evolution of the international monetary system, the international gold standard mint parity exchange rate determination is made, the exchange rate around the gold points fluctuations; the establishment of the Bretton Woods system of "double hook", the dollar was pegged to gold, other currencies pegged to the dollar, exchange rate was artificially restricted within a certain range. After the formation of the Jamaica system changes dollar exchange rate mechanism under the dollar standard. The evolution of the international monetary system history shows that changes in the exchange rate mechanism is fixed to a floating exchange rate regime flexible evolution. Exchange rate regime choice theory mainly around the fixed exchange rate regime and a floating exchange rate system to start debate.Finally, on the basis of market-oriented reform of RMB exchange rate on the macroeconomic and microeconomic analysis of the impact on the proposed improve the RMB exchange rate formation mechanism of RMB exchange rate market-oriented reforms to accelerate the process of countermeasures. We need to recognize the nature of the exchange rate formation mechanism of the market and its role in the economy and opening up, and to clarify its organic links between macroeconomic variables and the impact of exchange rate changes dialysis exchange rate system reform on the national economy and the macro and micro generation, but also use development perspective Analysis of RMB exchange rate market and China’s economic internationalization intrinsic relevance. And establishing market-oriented exchange rate of RMB exchange rate formation mechanism, we can not completely follow the Western theory of exchange rate regime to act, not mechanically imitate foreign exchange rate formation mechanism, and I need to be the target of economic development at home and abroad, with the national standard of value and gradually improve the RMB exchange rate formation mechanism, so as to gradually adapt to changes in the exchange rate market.