【摘要】 1 994年的汇率改革 ,实现了“单一性”的目标 ,而“管理浮动”则无从谈起 ,外汇市场的缺陷使中央银行陷入被动干预的困境。改革的出路是在维持资本项目监管的前提下 ,开放外汇市场 ,借助市场化的作用来实现人民币汇率的有管理浮动。更多还原

【Abstract】 The foreign exchange reform since 1994 has fulfilled the goal of single exchange rate,but left no room for managed floating.The defects of foreign exchange market has led the central bank into the awkward situation,which the central bank has to intervene the market too frequently.For that reason,to ensure the success of the reform,we should deregulate the foreign exchange market,and realize the managed floating of RMB exchange rate with the help of the market mechanism,while maintaining the proper control of capital items.更多还原