人民币汇率形成机制:制度安排与市场化  

Formation Mechanism of RMB Exchange Rate:Institutional Arrangement and Marketization

作　　者：张中锦[1] 

机构地区：[1]南京大学经济学院,江苏南京210093

出　　处：《金融教育研究》2012年第1期11-18,共8页Research of Finance and Education

基　　金：2010年度教育部社科基金青年项目(10YJC790241)

摘　　要：汇率形成机制是在特定汇率制度安排下,与一国经济发展水平相适应的关于该国汇率的决定、调节、管理和完善等方面的有助于实现一国经济内外均衡的相关安排。汇率机制是在一定的汇率制度下形成的,有制度方面的基础,不会偏离制度赋予的轨迹;在特定汇率制度安排下将产生与之相适应的汇率形成机制,汇率机制的形成与完善将促进汇率制度向更适应经济发展需要的方向转型,汇率制度的转型将引发与之相适应的汇率形成机制的转换;这种双向互促关系发展的趋势是市场化。人民币汇率形成机制在制度变迁中从战略化的官定机制逐步向市场化的市场机制转换,其市场化经历了扭曲—萌芽—酝酿—尝试—正式启动及运行这五个阶段。The formation mechanism of RMB exchange rate is the related arrangement based on a particular exchange rate system about the country＇ s decision, management and improvement of its exchange rate, which regulates level of a country＇ s economic development and helps to achieve a equilibrium of the domestic and international economy. Exchange rate mechanism is formed in a particular exchange rate system with the foundation of the system, so it will not deviate from the given trajectory. The arrangement of specific exchange rate regime will produce adapted exchange rate formation mechanism, and vice versa, the formation and improvement of exchange rate mechanism will also promote exchange rate regime guiding to the right direction that fits in with economic development, and the transition of exchange rate regime will initiate the transformation of adapted exchange rate formation mecha-nism. The both are often interacting with each other, The final result of this interacting relation is the marketization, which is the inner logic of this article. The formation mechanism of RMB exchange rate in the institutional transition is gradually changing from the strategic official mechanism to marketing system, and it has experienced five steps： turning, planning, arranging, testing and formal operating.

关 键 词：人民币 汇率制度 汇率形成机制 市场化 

分 类 号：F830.92[经济管理—金融学]