The RMB Exchange Rate Regime Choice's Influence On Economic Growth

In case of opening economic system,financial development cannot be studied well without the consideration of exchange rate.In modern economic system,exchange rate serves as the key element in financial development as well as the coalition of domestic economy and international economy and the tie between domestic market and international market.The arrangement and development of the exchange rate regime in a country can manifest its economic development level.Reasonable exchange rate regime can promote the comprehensive financial development with financial deepening as core element,which results in economic development.Whereas,rigid and unsuitable exchange rate regime may lead to all-around financial crisis or even economic crisis through money crisis due to the collapse of exchange rate system.In our counltry since 1978 to now,more than 30 years of reform and opening-up,economic development has been maintaining a rapid speed,accumulate a large amount of foreign exchange reserves in China.This also on the other hand,indirect lead an increase of the RMB appreciation pressure,make our country current exchange rate system arrangement,which is lack of elasticity,is no longer suitable for economic development.China's exchange rate mechanism in 1994 and 2005,has experienced two historic revolution.The revaluation in 2005 effect especially,since then,the RMB exchange rate system performance more flexible and more market-oriented.This paper by RMB exchange rate on China's economic growth for the study of the role,with the aim of an empirical analysis of the significant relationship between a big devaluation of RMB exchange rate and economic factors,and further research at present,the police and development direction of China's foreign exchange system reform in changing.Article mainly divides into five parts:the first part is an introduction,mainly explainthe background and significance of the selected topic,the research purpose,research ideas and methods as well as the domestic and foreign scholars about the problem of academic literature;The second part summarizes the Chinese exchange rate system since the founding of China and the current macroeconomic development present situation,and analyzes the necessity of RMB to choose the reference to a basket of currencies;The third part using the standard mundell-fleming model to analyze the different effects of fiscal policy and monetary policy under different exchange rate system and then analyze the economic growth exchange rate transmission mechanism of economic growth.The fourth part uses econometric model practice test the impact of exchange rate on economic growth pattern;The fifth part of the article made a summary,and put forward the policy suggestions for relevant departments of the reference.