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《Contemporary Economic Management》 2018-02
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Research on the Mechanism and Effect of Double Anchor of RMB Exchange Rate

Li Yanfeng;School of Finance,Hunan University of Finance and Economics;  
After the new exchange reform,the RMB exchange rate mechanism is in the transition from "dollar anchor" to "basket currency anchor".By elaborating currency anchor and currency anchor conversion principle,this paper analyzes the internal mechanism of exchange rate's double anchor mechanism,analyzes the operation mechanism,coordination and double anchor characteristics of "basket currency+closing price",and points out that the double anchor exchange rate mechanism can gradually release the pressure of RMB devaluation,mitigating the devaluation impact of the dollar's appreciation and the need to rely on capital controls to achieve an automatic equilibrium in the foreign exchange market.Finally,this paper puts forward the corresponding countermeasures and suggestions to improve the RMB exchange rate formation mechanism.
【Fund】: 湖南省教育厅科研项目(17C0267);; 湖南财政经济学院科研基金项目(Q201503);; 国家社会科学基金项目(14BJL086)
【CateGory Index】: F832.6
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