我国外汇冲销干预有效性分析（Effectiveness analysis of foreign exchange sterilized intervention in China）.docVIP

我国外汇冲销干预有效性分析（Effectiveness analysis of foreign exchange sterilized intervention in China） Effectiveness analysis of foreign exchange sterilized intervention in China Xiong Deng [Abstract] due to the particularity of the system background, Chinas foreign exchange intervention can not have a multiplier effect on the exchange rate stability through the interest rate, portfolio and expected mechanism. The central bank only maintains the stability of the RMB exchange rate through large-scale direct intervention, but it leads to the rapid growth of foreign exchange reserves, and also reduces the independence of the central banks flexible use of monetary policy tools. The effect of sterilized intervention channels and in the analysis of Chinas foreign exchange intervention mechanism of the Mundell - Fleming model framework, with empirical analysis since 1994 the central bank foreign exchange intervention effectiveness, and points out that we should use this opportunity to exchange rate reform, accelerate the reform of the current foreign exchange management system, enhance the open market operation to promote the balance of international balance of payments structure, as well as the international coordination and cooperation. In order to influence the exchange rate and to buy and sell foreign currencies in their own currency, the official intervention in the foreign exchange market occurs. But the authorities do not fully understand the exchange rate that identifies the fundamentals of the economy, even if they can identify it, but the cost of exchange rate intervention is far greater than its earnings. At the same time, another difficult currency intervention design lies in the fact that the authorities do not easily understand the interference has been observed in the end is temporary or long-term, therefore, it is difficult to determine whether it should be in the foreign exchange market for this kind of interference to make a special reaction, that is, in most cases,