央行对人民币汇率定价影响的实证分析  

An Empirical Analysis on the Effect of Central Bank on RMB Exchange Rate Pricing

作　　者：栗书茵[1] 乔云霞[1] 

机构地区：[1]北京工商大学经济学院,北京100048

出　　处：《现代财经（天津财经大学学报）》2012年第3期62-70,共9页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：教育部哲学社会科学研究后期资助项目(10JHQ028)

摘　　要：以中央银行干预汇率理论为依托,以央行对我国人民币汇率定价的影响为研究对象,采用理论分析与实证分析相结合的方法,通过考察从1994-2009年央行干预对人民币汇率的影响变化发现:在人民币汇率形成中,中央银行垄断定价,其他银行是价格追随者。尽管随着外汇体制的改革,央行的干预逐年下降,但中央银行仍然是外汇市场上最大的买家,因此,人民币汇率不能真正反映市场供求关系,故应实施人民币汇价进一步市场化的对策。In this paper,based on the theory of Central bank＇s intervention of exchange rate,taking the Central bank＇s effect on RMB exchange rate as the object of research,I use the method of combining theoretical analysis with empirical analysis,by reviewing the effect of Central bank＇s intervention on RMB exchange rate from 1994 to 2009,and find that in the process of RMB exchange rate formation,Central bank has the right to monopoly pricing,and other banks are all the price followers.Although with the reform of foreign exchange rate system,there has been a gradual decrease in Central bank＇s intervention,Central bank is still the biggest buyer on foreign exchange rate market.Therefore,RMB exchange rate does not really reflect the market supply and demand relationship,we should make countermeasures to promote the marketization of RMB exchange price.

关 键 词：中央银行 人民币汇率定价 汇率干预 

分 类 号：F830.29[经济管理—金融学]