The Impact Of The Transformation Of The RMB Exchange Rate System On My Country's Economic Growth

In the international market,the exchange rate can be regarded as the currency transaction price and investment cost,which will affect international trade and international investment.Therefore,the exchange rate is an important reference index for international trade and international investment.In the process of transition of the exchange rate system,due to the conflict between domestic and foreign policies,the economy is prone to inconsistency between exchange rate policies and macroeconomic policies,resulting in increased exchange rate volatility.In the 1990 s,the reform of the exchange rate regime in emerging economies changed from a country's currency turmoil to a regional or even global economic turmoil,which brought incalculable losses to all countries.For example,the transition of the exchange rate regime in Southeast Asian countries,due to the internal and external imbalances of the exchange rate,suffered from international and domestic speculative shocks,and a large loss of foreign exchange reserves,which has had a profound impact on the economic development of various countries.In the foreign exchange market,due to the asymmetry of information and the irrationality of the expectant,when the currency of the economy is subject to speculative attacks,the expectant will have a “herd effect”,which will cause the expected exchange rate to deviate from the actual situation and further exacerbate exchange rate fluctuations.The exchange rate fluctuations under the exchange rate regime are the two main routes to net exports and net foreign assets,which in turn affect economic growth.Since the reform and opening up in 1978,the RMB exchange rate regime has undergone the exchange reform in 1994(foreign exchange management system),the exchange reform in 2005(exchange rate formation mechanism),and the “811” exchange reform in 2015(marketization of pricing mechanism).Through this series of reforms,the exchange rate of the renminbi has gradually shifted to fluctuations,and the volatility has increased.At the same time,the renminbi exchange rate has been further marketized and internationalized,which has had a profound impact on economic growth.Based on the comparison of RMB and Yen exchange rate system transformation,this paper analyzes the impact of exchange rate fluctuations on economic growth in the process of exchange rate system transformation.The purpose is to get some of the adverse effects of avoiding exchange rate fluctuations,and to provide some feasible suggestions or opinions for China's further exchange rate regime transformation.Based on the model results,the contribution of RMB exchange rate system transformation to economic growth has been continuously enhanced,among which the capital path and other influences on economic growth have obviously increased.Because of the high export tax rebate,the net export path has little impact on economic growth,and has declined slightly.Policy suggestion: exchange rate as an important index of international trade,the price of goods should be regulated by the market.First,China should gradually reduce the export tax rebate boost exports,to strengthen the yuan's exchange rate for the regulation of international trade,enhance the RMB exchange rate through the import and export effect on economic growth.Second,China should rationally introduce foreign investment and foreign investment,and reasonably conduct capital expansion and control expansion.