人民币汇率市场化形成机制【英】

the market-based mechanism for setting the RMB exchange rate

译文来源

Report on the Work of the Government, 2016. via: http://english.gov.cn/premier/news/2016/03/17/content_281475309417987.htm

定义

人民币汇率形成机制，简称汇率机制，实际上就是汇率制度的选择问题。汇率机制是我国自主的选择，必须要充分考虑我国社会、经济的承受能力，避免汇率大幅波动。中国自人民币官方汇率和市场调剂汇率并轨之后，开始实行“以市场供求为基础的、单一的、有管理的”浮动汇率制度。1996年，中国宣布接受国际货币基金组织（International Monetary Fund， 简称IMF）协定第八条的全部义务，不再限制不以资本转移为目的的经常性贸易支付和转移，不再实行歧视性货币安排和多重汇率制度，实现经常账户下的人民币自由兑换。中国的这次外汇体制改革被IMF称为“重要的战略性决策”（刘兴华，2005：100）。在我国加入WTO后新的开放形势下，完善人民币汇率形成机制的必要性彰明较著。由此开始，人民币汇率生成逐渐走向市场化，人民币汇率形成机制的核心是：以外汇市场供求为基础，允许市场汇率在一定范围内围绕基准汇率上下浮动。完善人民币汇率形成机制的核心内容至少包括五个方面，即完善汇率的决定基础、矫正汇率形成机制的扭曲、健全和完善外汇市场、增加汇率的灵活性、改进汇率调节机制。完善汇率机制的实质是提高汇率形成的市场化程度，而不是简单调整汇率水平。（via:
http://baike.baidu.com/link?url=YXmrYQ33NvkmXcdSuzCj_dB1Sc5b92UPIF3PM_GcPb0cmEZDxkvA7lQPyfIALffh1Je-rkf816wYfZs8komPFOo8RIHIewEPxjSaIAfeZnd-mtQ_SKO3qFVBTZu-c_C_zIuMW-a4JEmcEahmXXJzZpV5tQp1jorvCHs-oGp6DnNDw2ri0Ke3pJCLavJuR77I）进一步加强人民币汇率形成机制市场化改革,是经济发展的必然要求,但又不可避免会对金融系统和实体部门的稳定性造成冲击。因此，,应确保汇率市场化的稳步、有序完善，,在建立完备的人民币衍生品市场、引导汇率预期、推动人民币国际化等方面做出响应的努力。（李萌等，2016：56-57）尽管现行人民币汇率形成机制基本上符合中国国情，对促进经济发展发挥了重要的作用，但是实事求是地看，人民币汇率形成机制也存在着形成机制扭曲、缺乏灵活性或弹性、调整缺乏准确依据等缺陷。（via:
http://baike.baidu.com/link?url=YXmrYQ33NvkmXcdSuzCj_dB1Sc5b92UPIF3PM_GcPb0cmEZDxkvA7lQPyfIALffh1Je-rkf816wYfZs8komPFOo8RIHIewEPxjSaIAfeZnd-mtQ_SKO3qFVBTZu-c_C_zIuMW-a4JEmcEahmXXJzZpV5tQp1jorvCHs-oGp6DnNDw2ri0Ke3pJCLavJuR77I）

定义来源

[1]刘兴华.汇率制度的选择[M].经济管理出版社，2005.
[2]李萌，赵栩.人民币汇率形成机制市场化改革的现状和对策[J].宏观经济管理，2016（1）.
[3]人民币形成机制. via:
http://baike.baidu.com/link?url=YXmrYQ33NvkmXcdSuzCj_dB1Sc5b92UPIF3PM_GcPb0cmEZDxkvA7lQPyfIALffh1Je-rkf816wYfZs8komPFOo8RIHIewEPxjSaIAfeZnd-mtQ_SKO3qFVBTZu-c_C_zIuMW-a4JEmcEahmXXJzZpV5tQp1jorvCHs-oGp6DnNDw2ri0Ke3pJCLavJuR77I

例句

1. 深化金融体制改革。加快改革完善现代金融监管体制，提高金融服务实体经济效率，实现金融风险监管全覆盖。深化利率市场化改革。继续完善人民币汇率市场化形成机制，保持人民币汇率在合理均衡水平上基本稳定。深化国有商业银行和开发性、政策性金融机构改革，发展民营银行，启动投贷联动试点。推进股票、债券市场改革和法治化建设，促进多层次资本市场健康发展，提高直接融资比重。适时启动“深港通”。建立巨灾保险制度。规范发展互联网金融。大力发展普惠金融和绿色金融。加强全口径外债宏观审慎管理。扎紧制度笼子，整顿规范金融秩序，严厉打击金融诈骗、非法集资和证券期货领域的违法犯罪活动，坚决守住不发生系统性区域性风险的底线。——《2016年政府工作报告》，2016

1. We will deepen reform of the financial sector. We will move faster in the reform to improve the modern financial regulatory system and ensure that the financial sector serves the real economy more efficiently and that regulation covers all financial risks. Interest rates will be further liberalized. Improvements will be made to the market-based mechanism for setting the RMB exchange rate to ensure it remains generally stable at an appropriate and balanced level. We will deepen reform of state-owned commercial banks as well as development and policy-backed financial institutions, develop private banks, and launch trials to allow commercial banks to participate in combined debt-equity investments into startups and small businesses. We will move forward with the reform of stock and bond markets and increase the level of rule of law in their development, promote the sound development of the multilevel capital market, and ensure that the proportion of direct financing is increased. The Shenzhen-Hong Kong Stock Connect will be launched at an appropriate time. A catastrophe insurance system will be established. We will work to see that Internet finance develops in line with regulations, and we will make a major push to develop inclusive and green finance. We will strengthen unified, macroprudential management of foreign debt. We will tighten institutional constraints, safeguard order in the financial sector, crack down on financial fraud, illegal fundraising, and unlawful and criminal activities in the securities and futures markets, and make sure that no systemic or regional financial risks arise. -Quoted from Report on the Work of the Government, 2016.

网络参考例句

例句 1：
中国共产党十八届三中全会在《中共中央关于全面深化改革若干问题的决定》中明确提出：完善人民币汇率市场化形成机制，推动资本市场双向开放，放宽投资准入，推进服务业领域有序开放，开放服务业领域外资准入限制。——“基于产业结构视角的人民币实际有效汇率对FDI的影响”，载于《西安科技大学学报》，2014年第3期
The Third Plenary Session of the eighteenth put forward clearly in the CCP decision of the several issues on comprehensively deepening the reform: improve the marketization formation mechanism of RMB exchange rate, promote the capital markets two-way open, ease the investment access, and promote the service sector to open orderly, and open the foreign investment access of the service field.

例句 2：
十八届三中全会提出完善人民币汇率市场化形成机制，形成一个有充分弹性的
汇率形成机制，促进中国向更加灵活的汇率制度转型。然而这种汇率制度的转型能否带来经济增长和社会福利水平的提高？本文基于引力模型框架，研究了汇率制度转型对于贸易的影响作用，并运用工具变量法重新估计了贸易开放对于人均收入的影响作用，综合得出汇率制度转型通过贸易对一国福利水平的影响。——“汇率制度转型的贸易和收入效应”，载于《金融研究》，2016年第9期
To be more flexible exchange rate regime is an important goal of the third plenary session of 18th central committee of CPC. Would this change increase the economic welfare? Based on the frame of gravity model, this paper estimates the effects of the different exchange rate regime to trade, and with the instrument variable method, we also re-evaluate the effects of openness to income. Finally, we estimate the effects of the changing exchange rate regime to income by the way of trade.

例句 3：
近十年来我国外汇储备持续增长，形成中央银行庞大的外汇