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Improve the RMB exchange rate formation mechanism of the relevant thinking


[Abstract]: the exchange rate is an important asset prices and resource allocation signal. RMB exchange rate to determine the suitability of the current key criterion is to see whether it is conducive to China's sustained,[link widoczny dla zalogowanych], healthy and rapid development. So, how to make China's exchange rate system to adapt to changing international and domestic situation more conducive to China's economic construction, is the issue we must address. The face of the pressure of RMB appreciation, this article from the characteristics of the RMB exchange rate formation mechanism, analyzes the current RMB exchange rate formation mechanism, discussed the exchange rate formation mechanism reform, improve the strategy choice, come to the RMB exchange rate formation mechanism reform specific measures.
[Keywords]: characteristics of the RMB exchange rate formation mechanism
a strategy selection problem, the characteristics of the RMB exchange rate formation mechanism
(a) the current foreign exchange market mainly in China and foreign currency conversion market positions. The current market structure of China's foreign exchange market by the two sub-components, first, designated foreign exchange banks and enterprises of exchange settlement and sales market, one designated foreign exchange banks and central banks in the interbank foreign exchange market trading. Content from the foreign exchange settlement bank on the amount of foreign exchange management and control in the process of the central bank often, and now the foreign exchange market is a foreign trade system compatible with the existing foreign currency position of the conversion market, not the modern sense-financial foreign exchange market.
(b) of the RMB exchange rate is the local foreign exchange rates. Currently the RMB exchange rate system in the foreign exchange settlement and foreign exchange designated banks on the amount of foreign exchange regulations of foreign exchange constraints of the transaction price, less the principal foreign exchange trading, foreign exchange supply of adequate, demand for foreign exchange is strictly limited, enterprises, banks, government agencies and individuals foreign exchange needs are not met, the formation of market conditions in which the trading price of the foreign exchange market clearing price is not only limited trading of the main demand in a limited price of foreign exchange transactions, or locally known as the market equilibrium price.
(c) the pressure on the RMB exchange rate from the trade status of projects. The RMB exchange rate formation mechanism of the exchange rate is determined, generally does not reflect the capital and financial changes in foreign exchange supply and demand, exchange rate pressures from changes in current account surplus or deficit. The current RMB exchange rate pressures from the United States trade deficit with China and some developed countries.
(d) the central bank's intervention became a regular act. Since the introduction of trade surplus and large foreign investment, enterprises were forced settlement, foreign exchange designated banks on hold by the amount of foreign exchange positions and constraints, the central bank must buy foreign currency in the interbank foreign exchange market, and in order to maintain the RMB exchange rate fluctuations within the central bank must also be trading in foreign exchange, central bank selling foreign exchange market has become one regular behavior. Net foreign currency held by central bank transactions, the rapid rise, resulting in a substantial increase in foreign exchange reserves. Originally part of the enterprise's foreign exchange reserves, foreign exchange banks and individual needs, because the system becomes constrained by the central bank to buy foreign exchange reserves, foreign exchange risk from the enterprises, banks and individuals to focus on the central bank.
Second, the current issue of RMB exchange rate formation mechanism of RMB exchange rate formation mechanism
present is based on the RMB current account convertibility based on. Foreign exchange market is still in its primary market, the lack of system to improve the operation mechanism. Parties in the formation mechanism of the problems that exist mainly as:
(a) the principal from the trading point of view: the existing foreign exchange market organization system is not perfect. In accordance with international practice, the norms of the foreign exchange market organization system should be a central bank,[link widoczny dla zalogowanych], foreign exchange banks, customers, and foreign exchange brokers. In China, only the main foreign exchange bank foreign exchange market and the central bank.
(b) the nature of the transaction from the point of view: the current foreign exchange market and the existing foreign trade is only a pipe system to adapt to foreign currency position of the conversion market. Not a form of modern financial markets of foreign exchange market. [link widoczny dla zalogowanych] 778 papers online
(c) the degree of openness from the market point of view: the current high level of foreign exchange market monopoly, is not a perfectly competitive supply and demand distortions in the market.
(d) the content and variety from the trading point of view, the current foreign exchange market transactions over a single content and variety of. At present, China's trading currency foreign exchange market is only U.S. dollars,[link widoczny dla zalogowanych], Japanese yen, the Hong Kong dollar and the euro; transaction types only spot transactions. Lack of swaps, futures, options and other business varieties. This situation not only can not satisfy the diversification of enterprises and institutions on the demand for foreign exchange transactions.
Third, improve the exchange rate formation mechanism reform, strategy selection
improve the exchange rate formation mechanism reform,[link widoczny dla zalogowanych], the strategy options include a fixed exchange rate, free-floating system and a managed floating system in three forms.
(a) of the fixed exchange rate
a fixed exchange rate, the central bank must be willing in the foreign exchange market at a fixed exchange rate with the private sector in convertible currencies.
(b) of the free floating exchange rate system
floating exchange rate regime, central banks will not be for a fixed exchange rate and foreign exchange market intervention, to automatically maintain the exchange rate flexibility.
(c) a managed floating exchange rate system
by the above analysis, the first two apparently non-implementation may, therefore, the reform of RMB exchange rate system is the implementation of the true direction of a managed floating exchange rate system, increase flexibility and flexibility. The long term, increased exchange rate flexibility should expand the floating range of the exchange rate and gradually transition to an independent float the yuan.
Fourth, the reform of RMB exchange rate formation mechanism of the specific measures
China is a transition economy countries in 1994 after the foreign exchange management system reform,[link widoczny dla zalogowanych], the RMB exchange rate formation mechanism from the theory, a market-based, also has macro-regulation. But in fact for a long period of time, mainly rely on administrative mechanisms. Whether research or practice sector (including government departments) have further in-depth reform of the RMB exchange rate formation mechanism, basically reached a consensus that a market economy in accordance with the requirements of the new system, full use of market mechanisms to promote the RMB exchange rate reform, therefore, the formation mechanism of RMB exchange rate mechanism should be changed by administrative use of the market mechanism.
and accession to the WTO in China has accounted for a higher proportion of export-oriented economy under the conditions of the formation mechanism of RMB exchange rate reform should be to play the role of market mechanism. Specific measures include:
(a) reform the existing exchange settlement system. Banking exchange and interbank foreign exchange market, the mandatory closure led to the formation mechanism of RMB exchange rate loss of important reasons.
(b) the appropriate institutions and individuals to relax restrictions on use of foreign exchange to allow the market to truly reflect the corporate, institutional and individual demand for foreign exchange.
(c) of the Central Bank in the reform and adjustment process of the RMB exchange rate policies need to further strengthen the supervision on foreign exchange markets, and severely punish illegal behavior.
(d) increasing the flexibility of RMB exchange rate. Including widening of the yuan's trading band, reducing the central bank intervention in the market, the frequency of substituting other economic ways and means of adjusting the exchange rate level.
V. CONCLUSIONS
departure from the existing exchange rate system, considering the multi-party interests, to exchange rate reform with the independence of monetary policy, balance of payments, international monetary cooperation linked to gradual reform of RMB exchange rate system . The reform of RMB exchange rate system to exchange rate stability as a precondition to promote international balance of payments, internal and external coordination and balanced economic development, improve the RMB exchange rate stable economic base. Pros and cons of both choices result of the game multi, but also the process of gradually liberalize the exchange rate controls. Improve the exchange rate formation mechanism, the reality must be from China, also refer to and learn from lessons of other countries. Only the current RMB exchange rate regime reform, necessary to move the Chinese economy in the process of further opening the economy to maximize risk prevention, the promotion of economic development.
[References]: [link widoczny dla zalogowanych] 778 papers online
1 exchange rate mechanism and the national interest Xianjian Bin Pearl River Economic -2004 (6) .- 44-46
2 and the exchange rate of RMB appreciation formation mechanism of Wang Shougan Wuhan financial -2004 (7) .- 31-32
3 alternative interpretation of RMB appreciation pressure - central bank intervention in the exchange rate mechanism with the power asymmetry Social Sciences in Madrid -2004 (4). -60-64
4 prerequisites from the appreciation of the RMB exchange rate mechanism reform party about David Wu Chenjing financial and economic -2004 (6) .- 57-58
5 of the RMB exchange rate regime and exchange rate mechanism and the Health and Zhu Min Xue Shanghai Normal University: Philosophy and Social Sciences -2004.33 (3) .- 31-36
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