10.人民元相場形成メカニズム改革

概要

論文の詳細を見る
At the time of planned economy, the RMB exchange rate against U.S. Dollar was quite stable. U.S. Dollar rate had not changed at all during the period from 1955 until December, 1971, when the multilateral adjustments of Western countries' exchange rates were made. After China adopted 'Open Door Policy', the RMB rate against those of Western countries continued to depreciate. The main reason for depreciation was to promote exports. At the end of 1993, there were two kinds of exchange rate, namely official rate and swap center rate. At the beginning of January, 1994, the exchange rates were unified. The new exchange rate was the controlled floating exchange rate based on demand and supply. Although it was called floating rate, actually it was fixed rate because the control by the government was very strong. On July 21, 2005, the mechanism to fix the exchange rate of the Chinese Yuan (RMB) was reformed. According to the new mechanism, the rate of RMB was to be fixed with reference to the currency basket. China experienced the system of the currency basket in 1970'. It was not successful, because it was inconvenient. The system is quite convenient to discourage speculators. However, the adoption of the currency basket will be until China restore the convertibility of RMB at the longest.
福山大学の論文
2006-03-31