| 摘要: |
| 本文通过构建人民币外汇市场中关于人民币汇率定价权力的双边随机前沿模型， 分析了中外定价权差异对于人民币汇率的影响。实证研究表明，中国在人民币外汇市场上较外 部经济体具有更强的定价权力，近期的汇率贬值并非政府操作行为而是市场均衡结果；人民币 国际化和汇率市场化进程可以矫正偏离。本文的政策建议为：（1）继续推进人民币国际化和 汇改市场化进程。（2）进一步提高外部经济体参与人民币外汇市场交易的深度和广度。 |
| 关键词: 汇改；人民币国际化；汇率市场化；双边随机前沿模型 |
| DOI： |
| 分类号:F830.9 |
| 基金项目:2018年人民银行重庆营管部重点课题二等奖。 |
|
| Exchange Reform, RmB Internationalization and Exchange Rate Pricing Rights—Based on the Two-tiered Stochastic Frontier Analysis |
|
LI Qi HAN Shuyuan
|
|
PBOC,Chongqing Operations Office
|
| Abstract: |
| This paper applies a two-tiered stochastic frontier analysis (TSFA) in the exchange market to examine the impact of influencing power deviation from domestic and external economies on the RMB exchange rate. Empirical results show that China has a stronger power over the exchange rate than external economies. The recent depreciation of RMB exchange rate results from market equilibrium rather than government intervention. Meanwhile, the internationalization and marketization of RMB can adjust the influencing power deviation. The policy recommendations are as follows: (1) continue to promote the internationalization and reform of RMB; (2) further deepen and widen the participation of external economies in the transaction of RMB exchange. |
| Key words: Exchange Rate Reform RMB; Internationalization; Marketization of Exchange Rate; Two-tiered Stochastic Frontier Analysis (TSFA) |
