人民币汇率形成机制改革的多层面考察

人民币汇率形成机制改革的经济效应可以从宏观、微观和金融市场三个层面进行考察。从宏观层面看,汇率改革能够提高我国货币政策的独立性,但是对减少贸易失衡和调整国际收支的作用并不明显,反而由于持续的升值预期导致大规模资本流入,影响经济金融稳定。从微观层面看.人民币升值对纺织业等行业产生了比较明显的冲击,非贸易品部门则受益于人民币升值,FDI 投资区位的选择也发生了变化,这些都有利于我国转变过度外向型的经济结构。从市场层面看,更大的汇率弹性使企业和金融机构面临的外汇风险上升,但同时也有利于促进外汇市场发展和推动资本账户开放。

Review on the Reform of RMB Exchange Rate Forming Mechanism from Diversified Perspectives

The economic effects of RMB exchange rate reform could be analyzed from macro perspective,micro per- spective and market level.From macro perspective,the effect of the exchange rate reform on reducing trade imbal- ance and making balance of payments is not obvious,the continued appreciation of RMB leads to large-scale capital inflows and threatens the macroeconomic stability and financial stability.From the micro perspective,the apprecia- tion of the RMB has a remarkable impact on the textiles industry and ...