论文部分内容阅读
一、绪论(一)研究背景自汇率改革以来,人民币兑美元汇率基本呈现“小跌大涨”上升缓慢的特点。一方面,中国经济增长和生产率增长相对较快,导致了实际汇率升值的趋势。另一方面,中国的“基本平衡”有一个巨大的结构性过剩,而资本流动主要是净流入或流出幅度小,这种国际收支顺差对人民币升值也带来了很大的压力。虽然人民银行可能会干预外汇市场,以减缓人民币升值速度,但这种干预并没有抵消升值压力。我国历来十分重视引进
I. INTRODUCTION A. Background Since the exchange rate reform, the exchange rate of RMB against the U.S. dollar has basically been characterized by its slow ups and downs. On the one hand, China’s economic growth and productivity growth relatively fast, leading to the real exchange rate appreciation trend. On the other hand, there is a huge structural surplus in China’s “basic equilibrium”, while the capital flows are mainly characterized by small inflows or outflows. This surplus in balance of payments has also put a lot of pressure on the appreciation of the renminbi. Although PBC may intervene in the foreign exchange market to slow down the rate of RMB appreciation, such interventions have not offset the pressure of appreciation. Our country has always attached great importance to the introduction