Although the current RMB exchange rate system has weakened the expectation of RMB appreciation to a certain extent, which is conducive to narrowing the balance of payments and has played a certain role in maintaining China's financial market, in some aspects, there are still many shortcomings in this exchange rate system, such as the RMB exchange rate factor, the huge trade surplus is too close, and the transformation from "external demand" to "domestic demand" will promote the rapid formation of domestic asset bubbles. Once the RMB exchange rate turns to an inflection point, the disappearance of appreciation expectations will lead a large number of foreign investors to speculate on RMB appreciation and flee.
In the long run, the RMB exchange rate should be arranged by floating exchange rate, and the managed floating exchange rate system should be improved in the near and medium term, which is the direction and center of RMB reform in China.
2. How to gradually improve: At present, there are many imperfections in the market mechanism of RMB exchange rate formation in China. For example, the central bank is in a passive situation of frequent intervention in the market and palletization, and banks have not yet established a market maker trading system. On the road of reform, we should try to establish the intervention mode of the central bank's foreign exchange market under the condition of marketization, improve the exchange rate adjustment mechanism of the central bank, establish a set of standardized intervention modes, give clear intervention signals to the market, minimize direct intervention, allow market participants to form fair prices through independent transactions, and strengthen the service function of the central bank.
Tips: The above information is for reference only.
Response time: 2021-1-11. Please refer to the latest business changes announced by Ping An Bank in official website.