汇率制度改革对中国货币政策的影响.pdf

Abstract The Peoples Bank of China, with authorization of the State Council, announced that: Starting from July 21, 2005, China will reform the exchange rate regime by moving into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies. RMB will no longer be pegged to the US dollar and the RMB exchange rate regime will be improved with greater flexibility. The reform will hold great significance to the development of economy and society of China. From the angle of macroeconomic adjustment, the paper analyzed how the reform affects the monetary policy in China. By