人民币交易价浮动幅度扩大对人民币汇改及国际化战略的影响

我国自2012年4月16日起,银行间即期外汇市场人民币兑美元交易价浮动幅度由千分之五扩大至百分之一。人民币浮动区间扩大对人民币汇改及国际化战略的影响主要表现在三方面:(1)对中国经济内外均衡的影响:改进了央行对外汇市场干预方式,减轻了汇率目标与货币政策目标的冲突,促进内部均衡;有利于国际收支平衡,缓解短期国际资本流动的冲击,促进外部均衡;(2)有助于拓展境内人民币外汇市场的深度和广度,发展外汇衍生品市场,完善人民币汇率定价机制;(3)提速中国金融深化改革步伐,"倒逼"利率市场化改革和国内金融市场的发展和完善。

Impacts of the Enlargement of Floating Range of Renminbi Exchange Rate on the Exchange Rate Reform and the Internationalization of Reminbi

The floating range of exchange rate of Renminbi to US dollar in China’s inter-bank spot foreign exchange market has been expended from 0.5% to 1% since April 16th 2012.Its influences on Renminbi exchange rate reform and the internationalization of Reminbi are mainly demonstrated in three aspects:(1) The first aspect is the impact on the internal and external equilibrium of China’s economy.The enlargement improves the modes of the central bank’s managing foreign exchange market,mitigates the conflicts between exchange rate target and the goal of monetary policy,which promotes the internal equilibrium.The enlargement helps to restore the balance of international payment and reduce the shock of short-term international capital movements,which promotes the external equilibrium.(2) The enlargement is beneficial to developing the depth and breadth of the RMB foreign exchange market and foreign exchange derivatives market as well as improving the RMB exchange rate pricing mechanism.(3) The enlargement will accelerate the pace of the financial deepening reform in China and push the interest rate marketization reform and the growth and the improvement of domestic financial market.