人民币汇率与日元汇率制度演变历程及启示(英文版)

RMB Exchange Rate System

A Case Study of RM

B And Yen Exchange Rate

Ted (Student No:201130451377)

ABSTRACT

As we all know ,the influence of exchange rate movements on a country's economy is important. On the domestic economy, on the one hand, Exchange rate movements affect the price rise or fall, After the exchange rate changes, affect on the price of imported goods happen immediately. First is the changes in prices of consumer goods and raw materials import, and then to import raw material processing or similar domestic goods and imported goods prices have also changed After exchange rate changes, the domestic prices of export commodities are also changed. On the other hand, the exchange rate changes affect export commodities production department. Foreign currency appreciation, will make imports more expensive, so to export commodity producers, mainly imported raw materials, production costs rise, weaken its competition ability in the international market, and to give priority to with domestic raw materials exports producer favourable. Foreign currency devaluation, would make imports cheaper, so that the export commodity producers specializing in importing raw materials of lower production costs, export products also enhance its capability of international competition in the market, while at the same time is given priority to with domestic raw materials of export commodity producers can not get the benefits due to exchange rate changes. exchange rate changes also affect a country's foreign economic. The fall in the value of the currency expand their exports, to inhibit the action of the domestic import, which is likely to reverse the trade deficit, also can promote local tourism and related trade income increase. In addition, exchange rate changes affect a country's gold reserves .Reserve currency exchange rate movements affect the real value of a country's foreign exchange reserves, reserve currency appreciation, is the real value of a country's foreign exchange reserves increase, reduce conversely. In a word, exchange rate changes has the important influence to the national economy. However, Who influence exchange rates? Of course is the

exchange rate system. Since 1949, official RMB exchange rate has experienced a rate to the market, from a fixed exchange rate guide the evolution of the management of the floating exchange rate. There are three periods , they are the planned economy period, economic transition period, the socialist market economy period . We can get the experience and inspiration from the study of the yen exchange rate and exchange rate system changes.

KEYWORDS

The exchange rate system , RMB exchange rate, Yen exchange rate, economy.

BACKGROUND OF RMB EXCHANGE RATE

RMB appreciation pressure status analysis and mitigation countermeasures on July 21, 2005, the people's bank of China issued announcement: China since that day, practice on the basis of market supply and demand, "a basket of currencies, managed floating exchange rate system. This suggests that the Chinese return to management of the floating way, officially launched the reform of RMB exchange rate regime . After the international community have great expectations, revaluation of the renminbi in 2005, however, small amplitude of appreciation of the yuan far cannot satisfy the need of relevant countries, these countries to continue to put pressure on our government, still require further renminbi appreciation.

EVOLUTION OF RMB EXCHANG RATE SYETEMS

The Planned Economy Period （1949-1978）

On January 8, 1949, the people's bank of China began to currency exchange rates published in the sky. Under the unified management of the central, Shanghai and guangzhou used tianjin exchange rate as the standard, according to the local price situation, published their own exchange rate. RMB exchange rate of planned economy