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Chinese RMB's Transition to a More Floating Exchange Rate Regime: Implications and Prospects

He Liping;Beijing Normal University;  
The RMB/USD exchange rate saw a large volatility from 2015, which should be conceived as part of the process of transition to a more floating exchange rate regime in China. This transition is believed to be necessary for China to conduct its monetary policy in its own manner. Whilst the RMB exchange rate regime becomes more fl oating or fl exible, the RMB's effective exchange rate may become more stable than before. There is no reason to worry that the RMB will be free falling in a liberalized currency market. In particular, changes in RMB/USD exchange rate will depend on the fl uctuation of the USD's effective exchange rate in the future.
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