影响人民币汇率政策选择的因素--基于决策理论的实证分析

基于决策理论和实证分析方法,得出影响我国政府选择汇率政策的因素是:当前的宏观经济状况对人民币汇率政策的选择的确产生了重要的影响,而外汇储备的高速增长和经常账户余额的状况是2005年汇率政策改革的主要影响因素。因此,当前汇率政策改革是宏观经济形势影响政府效用的结果。

Factors Affecting RMB Exchange Rate Policies--Empirical Analyses in Light of Decision-making Theory

On the basis of the decision-making theory and empirical analysis the paper concludes that among other things the following factors can impact what exchange rate policy of RMB to choose by the government: the current macro-economic conditions play a crucial role in deciding what exchange rate policy to adopt: the fast increase in the foreign currency reserve and the surplus of the current account in 2005 underlie the reform in the exchange rate policy.Therefore,the current reform in the exchange rate policy in China results from the impact of the macro-economic conditions on the government function.