稳步推进人民币汇率制度改革——结合国际经验的探讨

为了保持国民经济稳定快速增长，为了给金融改革创造适当的外部环境，为了应对较大规模的“货币错配”风险，为了防止“日元升值综合症”在中国重演，人民币汇率弹性化改革应当采用渐进方式。这个过程中，为了有效抵御国际投机资本冲击，中国应采用由公开宣布的管理浮动汇率制度、着眼于汇率稳定的频繁外汇市场干预、规模较大的外汇储备组合而成的“三位一体”政策组合；为有效控制汇率风险，中国还应加强针对货币错配的资拳项目管制和审慎监管。

Push Reform of RMB Exchange Rate System Steadily:Analysis Combining with International Experience

To maintain quick and steady growth of economy, to provide desirable condition for financial reform, to deal with the problem of money mismatch, to avoid syndrome of the ever-higher Yen, the RMB exchange rate should be reformed gradually. In the gradual process of the reform of RMB exchange rate, a series of policies, including the managed floating system claimed publicly, frequent intervention in foreign exchange market, relatively high level international reserves, should be taken to resist international speculative capital; to control risk of exchange rate, China should strengthen prudent regulation and capital account control aiming at money mismatch.