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1、人民币汇率制度固定抑或浮动（RMBexchangeratesystemfixedorfloating）[Keywords]exchangeratesystem;;fixedexchangerate;floatingexchangerate;[text]Inrecentyears,internationaldemandforrenminbiappreciationisgrowing,fromthebeginningofthesecondhalfof2002,theJapanesefinanceministerKawamasaJu
2、rourgedChinasaltonvariousoccasionsontheexchangerateofRMBrevaluation.DuetoChineseexportshocks,someEuropeancountrieshavejoinedthecampofappreciationofthermb.InearlySeptemberofthisyear,USTreasurySecretarySnow'svisittoChinaandattendedtheAPECmeetingoffinanceministersinTha
3、iland,thedebatearoundtheRMBexchangeratehasreachedaclimax.Infact,theessenceoftheRMBexchangerateissue,notwhethertheRMBshouldberevalued,i.e.shortliftitornot,buttheRMBexchangeratesystemshouldadoptafixedexchangerateorfloatingexchangerate.Inotherwords,theexchangerateisjus
4、tthefinalresult,theexchangerateformationmechanismisthekeytotheproblem.SnowbelievesthatthefloatingexchangeratesystemisthebestchoicetoensureflexibleChinesegrowthandstability.So,isit?Comparisonofoneortwokindsofadvantagesanddisadvantagesofexchangeratesystem1.thefixedexc
5、hangeratesystemTheadvantagesofafixedexchangerateisrelativelyfixedexchangerateisconducivetotheirownaccountingandrevenue,theformationofstableearningsexpectations,orthattheinflowofforeigncapitalriskpremiumislow,whichisconducivetoattractingforeigninvestment.Theadverseef
6、fectsofthefixedexchangeratesystem,ontheonehandisnotflexibleandreflecttherelationshipbetweensupplyanddemandofforeignexchange,theexchangerateoflostorweakened;themarketexchangerateoflostorweakenedanditcannotturntoadjusttheforeignexchangesupplyanddemand,theautomaticadju
7、stmentfunctionisgreatlyreduced,soonlybygovernmentregulation.Butthegovernmentsettherateisveryobviousdrawbacks:oneisthesubjectiveinfluence,ifthegovernmentregulationcapacityisnotstrong,therewillbemajormistakes;twoisconstrainedbytheobjectivefactors,anddeterminethechange
8、srelatedtotheinterestsofallpartiesintheexchangerate,thegovernmenthadtoconsider;thethreeistocontaindifferentpolicyobjectivesandtheexchanger
