关键词: 人民币汇率, 形成机制, 改革

Abstract: Formation mechanism of RMB exchange rate is in fact the choice of exchange rate regime. The current formation mechanism carries a handful of drawbacks, for example, distortion of formation mechanism, rigidity of exchange rate, lack of a consistent base on which adjustment decision is made, and higher maintenance cost, among others. Under the new circumstances characterized by the China's entry into WTO, perfection of the formation mechanism of RMB exchange rate is demanding, in which at least five factors should be give highest priority, i.e., perfection of the base on which exchange rate is determined, elimination of the distortion now in the formation mechanism, strengthening the exchange market, increasing the flexibility of the exchange rate, and enhancing the adjustment mechanism. The essence of perfection of formation mechanism is to give more teeth to market forces in determining exchange rate, not merely revaluation of RMB. China should embark on perfection of formation mechanism at its own will, taking account of the social and economic reality, ensuring no excessive volatility arises.

Key words: RMB exchange rate, formation mechanism, innovation