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《on the process of opening up capital of rmb exchange rate regime choice（开放资本的过程中人民币汇率制度的选择）》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、OntheprocessofopeningupcapitalofRMBexchangerateregimechoice[Abstract]ThearticlepointsoutactivelyandsteadilypushforwardyuancapitalofRMBexchangeratereformstepbystepopeninguptheinherentrequirementforeconomicandfinancialmarketreformandeconomicdevelopmenttrend.Currently,t
2、heRMBexchangerateregimeandcapitalaccountliberalizationarecloselylinkedwithinamoreopencapitalprojectneedsamoreflexibleexchangeratesystem,includingshort-termandlong-termexchangeratetargetingandamanagedfloatingexchangeratesystemreally.[Keywords]capitalaccount,exchangera
3、tetargetzone,afloatingexchangerateFirst,the‘impossibletriangle’inthecapitalaccountliberalizationandexchangerateregimeofthedilemmaandcoordinationFleming(MarcusFleming)andMundell(RobertMundell)inthe1960shadmadethefamous‘impossibletriangle’theory,thatagovernmentcanonlya
4、chievethe12followingthreeobjectivessimultaneouslyinthetwo:freemovementofcapital,exchangeratestabilityandmonetarypolicyindependenceinthehighlyopeneconomy,ifyouwanttomaintainafixedexchangeratesystem.Stateswilllosetheindependenceofmonetarypolicy,butonlythosethataffectth
5、eglobaleconomicpower,toperformindependentmonetarypolicy.ForChina,aneconomyandlargepopulation,thepromotionofeconomicgrowthandsolvetheemploymentproblemisafundamentallong-termeconomicgoals,butfornow,todriveeconomicgrowthforemployment,themaindrivingforcecomesfromthecount
6、ryinalongperiod,Chinamainlydependsoninternalfactorstostimulateeconomicgrowth,whichrequirestheeffectivemacro-controlmechanisminthissensethat,nodoubttomaintaintheindependenceofmonetarypolicyinChinaisveryimportant.Well,accordingto‘impossibletriangle‘theory,Chinawouldhav
7、eintheexchangeratestableandcompletefreeflowofcapitaltomakeachoicebetween,thatis,ifyouwanttomaintainastableexchangeratewouldhavetogiveup12entirelyofcapitalflows,andviceversa,toachievefullcapitalmobilitywouldhavetoabandontheexchangerateandstability.However,acountryunde
8、rthepremiseofmaintainingtheindependenceofmonetarypolicy,wehavenopossibleexchangeratestabilityandabalancebetweencapitalflows,notjust
