RMB against the U.doc
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RMB against the U.doc

RMBagainsttheU.doc

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Chinafacesexchangeratereform刘旭09115126经济与管理学院会计AbstractTheexchangerateoftheRMBagainsttheU.S.dollarhitanewhighWiththeFederalReservereaffirmedkeepinterestrateslowpolicyunchanged,theYuantothedollarexchangeratewithdrasticrise.August15,tothedollarexchangeratethemiddlepricefor6.3950,fourconsecutivetradingdaytorewritetheremitsinceanewrecord.KeyWords:RMBexchangerateexchangerateappreciation1RMBagainsttheU.S.dollarexchangerategettonewhighrecordWiththeFederalReservereaffirmedkeepinterestrateslowpolicyunchanged,theYuantothedollarexchangeratewithdrasticrise.August15,tothedollarexchangeratethemiddlepricefor6.3950,fourconsecutivetradingdaytorewritetheremitsinceanewrecord.Indeed,theappreciationoftheRMBtodissolvetheinputtype,easemonetaryinflationinsidedepreciation,adjustthedomesticeconomicstructurearecertainpositiverole,butatthesametime,italsobroughtmanyrisks.Thetable1showshistoricalexchangeratesbetweentheUSDollar(USD)andtheChineseYuanRMB(CNY)between11/20/2011and5/17/2012Table12TheRMBExchangeRateRegimein2005.ThetopiccouldbestartfromtheRMBExchangeRateRegimein2005.StartingfromJuly2005,Chinahasmovedintoamanagedfloatingexchangerateregimebasedonmarketsupplyanddemandwithreferencetoabasketofcurrencies.RMBwillnolongerbepeggedtotheUSdollarandtheRMBexchangerateregimewillbeimprovedwithgreaterflexibility.In2008,whenthefinancialcrisiswasatitsworst,theexchangerateofanumberofsovereigncurrenciestotheU.S.dollarsdepreciatedbyvaryingmargins.However,theChineseYuankeptstable.ThestabilityoftheRMBexchangeratehasplayedasignificantroleinmitigatingthecrisis'impactandpromotingglobalrebalancing.3ThemainfactorsoftheRMBexchangerateinourcountry3.1Theinternationalbalanceofpaymentsandforeignexchangereserves.Itreflectstheforeignexchangemarketsupply,andthatinfluencetheRMBexchangerate.Ifinternationalpaymentsurplus,theforeigncurrencysupplywillincrease,asaresultforeigncurrencywillbedepreciated.SinceChina'slong-termtradeprojectandcapitalaccountsurplus,theyuana