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1、民营企业集团财务管理模式及选择.kdh(Financialmanagementmodeandselectionofprivateenterprisegroup.Kdh)CNSTAEMicrocosmicdiscussionThebilateralexchangerateofRMBvarieswiththeexchangerateofmajorcurrencies,ButthearbitragecapitallosesitscredentialtotheRMBexchangerate,anditisnoteasytoappearinthesi
2、ngleTheriseoftheRMBexchangerate,andthepeople,whilepeggingthedollarandexpandingthevolatilityAppreciationofthecurrencyisexpectedtostrengthentheinflowofalargeamountofarbitragecapital.(3)thecentralbankcanchangetheweightofthebasketcurrencyaccordingtothechangeofthesituationLinea
3、djustment,toachieveitspolicyobjectives.Thechoiceofabasketofcurrenciesforthedecisionmaker'sexchangerateregimereformMaintaintheconfidenceofmarketparticipantsandensurethesmoothprogressoftheexchangerateregimereformIt'sveryimportant.(two)choosethecrawldollarrangeinthemiddleterm
4、(1)theadvantageofcrawlingdollarrange.Oneisfromtheworld,crawlingrangeTheintermediateexchangeratesystemisnotonlyuniversal,stable,butalsoconducivetoeconomicgrowth.1990-2001years,crawlingrangeinAsianemergingeconomiesandthewesternhemispherecountries(plus)ExceptfortheUnitedState
5、sandCanada,themostcommon,accountingfor36%and42%respectively.AndaccordingtoItisfoundthattheamplitudeofforwardexchangerateislessthanthatofspotinthecrawlintervalregimeThevolatilityoftheexchangerate,crawlingintervalcanstabilizeexchangerateexpectations.Twoistheexchangeratecanro
6、otAccordingtothechangesinthebalanceofpaymentsandforeignexchangemarket,itisgraduallyadjustedtoareasonablelevel,Avoidblindness.Threeisstableexchangerateadjustment,theimpactontheeconomyisnotbig.(2)thebenefitsofcrawlingdollarrangeinchina.OneisinthedollarcrawlingareaOntheotherh
7、and,thetrendoftheRMBexchangerateisgenerallypredictable,theexchangerateItcanbeusedasaclearnominalanchor.SimpleandtransparentrulesforcrawlingdollarrangeMaintainingastablereputationwithChina'sexchangeratewillhelpstabilizethemarket'sexpectationsHoldthestabilityofdomesticprices
8、.TwoistheRMBexchangeratecreepingchange,graduallytendingtoAfterareasonablelevel,thepressur