RMBagainsttheU..docx

China faces exchange rate reform刘旭济与管理学院会计AbstractThe exchange rate of the RMB against the U.S. dollar hit a new high With the Federal Reserve reaffirmed keep interest rates low policy unchanged, the Yuan to the dollar exchange rate with drastic rise. August 15, to the dollar exchange rate the middle price for 6.3950, four consecutive trading day to rewrite the remit since a new record.Key Words：RMB exchange rate exchange rate appreciation 1 RMB against the U.S. dollar exchange rate get to new high recordWith the Federal Reserve reaffirmed keep interest rates low policy unchanged, the Yuan to the dollar exchange rate with drastic rise. August 15, to the dollar exchange rate the middle price for 6.3950, four consecutive trading day to rewrite the remit since a new record. Indeed, the appreciation of the RMB to dissolve the input type, ease monetary inflation inside depreciation, adjust the domestic economic structure are certain positive role, but at the same time, it also brought many risks.The table 1shows historical exchange rates?between the US Dollar (USD) and the Chinese Yuan RMB (CNY)between 11/20/2011 and 5/17/2012 Table 12 The RMB Exchange Rate Regime in 2005.The topic could be start from the RMB Exchange Rate Regime in 2005.Starting from July 2005, China has moved into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies.? RMB will no longer be pegged to the US dollar and the RMB exchange rate regime will be improved with greater flexibility.　　In 2008, when the financial crisis was at its worst, the exchange rate of a number of sovereign currencies to the U.S. dollars depreciated by varying margins.?　　However, the Chinese Yuan kept stable. The stability of the RMB exchange rate has played a significant role in mitigating the crisis impact and promoting global rebalancing.?3 The main factors of the RMB exchange rate in our country3.1 The international balance of p