人民币汇率形成机制的完善

人民币汇率形成机制实际上就是汇率制度的选择问题。我国现行人民币汇率形成机制存在着众多缺陷,突出表现为汇率形成机制扭曲、汇率缺乏灵活性、汇率调整缺乏准确依据、较高的维持成本。在我国加入WTO后新的开放形势下,完善人民币汇率形成机制的必要性彰明较著。完善人民币汇率形成机制的核心内容至少包括五个方面,即完善汇率的决定基础、矫正汇率形成机制的扭曲、健全和完善外汇市场、增加汇率的灵活性、改进汇率调节机制。完善汇率机制的实质是提高汇率形成的市场化程度,而不是简单调整汇率水平。完善汇率机制是我国自主的选择,必须要充分考虑我国社会、经济的承受能力,避免汇率大幅波动。

ON PERFECTION OF THE FORMATION MECHANISM OF RMB EXCHANGE RATE

Formation mechanism of RMB exchange rate is in fact the choice of exchange rate regime. The current formation mechanism carries a handful of drawbacks, for example, distortion of formation mechanism, rigidity of exchange rate, lack of a consistent base on which adjustment decision is made, and higher maintenance cost, among others. Under the new circumstances characterized by the China's entry into WTO, perfection of the formation mechanism of RMB exchange rate is demanding, in which at least five factors should be give highest priority, i.e., perfection of the base on which exchange rate is determined, elimination of the distortion now in the formation mechanism, strengthening the exchange market, increasing the flexibility of the exchange rate, and enhancing the adjustment mechanism. The essence of perfection of formation mechanism is to give more teeth to market forces in determining exchange rate, not merely revaluation of RMB. China should embark on perfection of formation mechanism at its own will, taking account of the social and economic reality, ensuring no excessive volatility arises.