摘要
开放经济中,货币政策独立性、资本自由流动与固定汇率三个政策目标不可能同时实现。当前我国面临着宏观政策的三难冲突,伴随经济金融深度融入全球化,央行同时维持汇率稳定及货币政策独立性的难度越来越大。顺应资本项目可兑换的需求,完善人民币汇率市场化形成机制,以汇率的灵活性确保货币政策的自主性,成为政策组合调整的必然选择。为此,要进一步优化汇率调控方式,扩大汇率浮动幅度,完善中间价形成方式,推动外汇市场开放。
In open eco nomy, it is impposible for policymakers simultaneously to pursue autonomous monetary policy, open capital markets, and a fixed exchange rate. The impossible trinity is increasingly relevant for China. As the capital controls are loosened,without more exchange rate flexibility, we will have less and less room for monetary policy independence. It is necessary for allowing the market to play a more decisive role in exchange rate forming mechanism, to maintain an independent monetary policy as the capital account opens. Key elements of the reform strategy include making further efforts to consummate intervention method, widen intraday trading band, improve central parity formation pattern, promote foreign exchange market openup.
出处
《上海金融学院学报》
2016年第3期22-30,共9页
Journal of Shanhai Finance University
关键词
三元悖论
人民币
汇率形成机制
市场化
impossible ttrinity
renminbi
exchange rate forming mechanism
marketization
