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Thoughts about Renminbi's exchange rate management policy in current situation

TONG Wei,WU Fu-jia (Economy School,Fudan University,Shanghai 200433,China)  
The current macroeconomic movement shows a tendency towards deflation due to lack of effective demand in China.Our current loose monetary and fiscal policies are not effective to curb this tendency.Therefore we should think about reform of exchange rate management and try to make use of policy adjustment of exchange rate management to promote China's economy.This paper elaborates the relations between exchange rate management policy and economic development and analyzes various effects and channels of exchange rate adjustment.This paper believes that because of the lack of effectiveness of the loose monetary and fiscal policies in current deflation,we may accelerate exchange management reform and adjust Renmiibi downward in a reasonable range.
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