关键词: 汇率并轨 , 人民币汇率 , 汇率市场化

Abstract: This paper reviewed recent developments of RMB exchange rate regime established since 1994. This paper concluded that some reforming measures served the interests of shortterm policy goals even more than that of the given target of exchange rate marketization, which had hindered the accomplishment of RMB exchange rate reform. Both de facto classification of exchange rate arrangement by IMF and the comparative quantitative analysis with the highly marketized Hong Kong offshore RMB exchange rate were helpful to judge the flexibility of current RMB exchange rate.This paper argued that more diversified market participants and less exchange rate responsibilities would determine the future RMB exchange rate reform.

Key words: nification of exchange rates , RMB exchange rate regime , exchange rate marketization