摘要
本文主要研究人民币对美元汇率和人民币对非美货币汇率的定价机制。首先本文探讨了人民币对美元汇率的定价机制,分析了这种定价机制存在的问题,并进一步探讨了人民币对美元汇率参考人民币有效汇率的一篮子货币的定价机制,指出可通过人民币对美元汇率的调整,实现人民币有效汇率目标。其次本文分析人民币对非美货币的定价机制,指出人民币对非美货币汇率必须通过套算机制来确定,本文认为人民币对林吉特和卢布的定价最终可能仍然通过套算确定。最后本文分析了人民币对美元汇率、人民币对非美货币汇率波动幅度之间的关系,指出由于人民币对美元汇率和人民币对非美货币汇率之间存在相互制约的关系,可先放开人民币对非美货币的波动幅度。
This paper mainly studies the pricing mechanism of RMB exchange rate against US dollar and RMB exchange rate against non-US dollar currencies. First this paper discusses the pricing mechanism of RMB exchange rate against US dollar, and analyzes existing problems of this pricing mechanism. Furthermore, this paper discusses the pricing mechanism of RMB exchange rate against US dollar with reference to the effective exchange rate basket, pointing out that RMB effective exchange rate target can be achieved through the adjustment of RMB exchange rate against US dollar. Second this paper analyzes the pricing mechanism of RMB exchange rate against non-US dollar currencies, pointing out that RMB exchange rate against non-US dollar currencies must be determined through ex- change rate arbitrage. The paper thinks RMB exchange rate against Ringgit and Ruble will also be determined by ar- bitrage mechanism. Finally this paper analyzes the relationship of the band of RMB exchange rate against US dollar and against non-US dolar currencies, pointing out that due to the inter-constrain of RMB exchange rate against US dollar and RMB exchange rate against non-US dollar currencies, the band of RMB exchange rates against non-US dollar currencies may be widened first.
出处
《上海金融》
CSSCI
北大核心
2011年第2期91-94,98,共5页
Shanghai Finance
基金
国家自然科学基金(70673011)
上海市哲学社会科学规划课题(2008BJB024)
复旦大学中国经济国际竞争力创新基地国际金融方向子课题的资助
关键词
人民币对美元汇率
人民币对非美货币汇率
定价机制
RMB Exchange Rate against US Dollar
RMB Exchange Rate against Non-US Dollar Currencies
Pricing Mechanism
