人民币汇率机制改革：现状、问题与改革方向  

RMB exchange rate reform： current status, problems and reform direction

作　　者：肖立晟[1] 

机构地区：[1]中国社会科学院世界经济与政治研究所

出　　处：《中国货币市场》2017年第2期29-32,共4页China Money

摘　　要：8．11汇改是人民币汇率形成机制迈向浮动汇率的重要一步。新机制提高了汇率形成的透明度，事后可验证性大幅增强，促进了市场预期收敛。然而，汇改并没有完全消除贬值预期，并产生了两个难以克服的问题，即篮子货币的易贬难升及货币政策独立性受损。要解决这一状况，文章建议央行沿着“8．11”汇改的思路继续前进，让市场供求占主导地位，最终实施真正的浮动汇率制度。The RMB exchange rate reform on August 1 lth 2015 is a significant step towards a floating exchange rate regime. The new mechanism improves the transparency of the exchange rate formation, greatly enhances the afterwards verifiability of the fixing rate, and promotes the convergence of market expectations. However, the RMB depreciation expectation has not been eliminated. Moreover, two major problems has emerged： the RMB rate shows a tendency to depreciate easily while appreciate hardly when linked to a basket of currencies, and the independence of the monetary policy is impaired. To resolve these problems, the essay suggests that the central bank shall march forward along the path of the August 11 exchange rate reform, let supply and demand dominate the market, and eventually introduce a floating exchange rate regime.

关 键 词：人民币汇率形成机制 汇率机制改革 浮动汇率制度 货币政策独立性 现状 可验证性 市场预期 贬值预期 

分 类 号：F830.92[经济管理—金融学]