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China's peg to the dollar in general,, The exchange rate system.Today, changes in the international economic situation makes the yuan pegged to the dollar caused by the continuous appreciation of the system itself has not desirable, it is bound to move towards a more open market-oriented exchange rate system. Currency pegged to the dollar due to earlier sustained and steady appreciation, resulting in a large number of risk-free arbitrage capital inflows,, making China the double surplus slowly increase, causing further put the Bank of passive currency, then it must go to offset, and ultimately affect the yuan's independence sex."The biggest advantage of the exchange rate market is that because the consequences can prevent overheating of the economy after the virtual influx of foreign exchange yuan." Professor Ding Jianping,, director of Modern Financial Research Center of Shanghai University of Finance and that the emergence of "the daily limit will reform the exchange rate and the daily limit will effectively prevent hot money inflows irrational.
China's yuan deposits has exceeded 100 trillion yuan, broad money M2 has exceeded 110 trillion yuan, ranked first in the world money stock. However, in such a large scale capital prevails,, there will be a series of still "anomaly": Banks still have "money shortage" phenomenon, not loans for SMEs, the stock market has seven bear ..."Where did the money really go?" In the face of this Chinese financial industry seems most difficult question to answer. Shi Jianxun that "the fundamental reason is that most of the money in the financial system since the cycle,, namely lending." He stressed that the future of financial reform should focus on the rational allocation of financial resources, and to improve the protection of the rule of law in the financial field.Shanghai Securities Regulatory Bureau dry Yunfeng Legal Department suggested that the current financing also requires more substantial market-oriented reforms. Actively promote the marketization process of financing in the field, not only revitalize the domestic financial, but also meet the needs of the international financial development.In general,, the stock and bond market financing channels such as "direct financing" and called "indirect funding" from the way private capital financing through bank loans. Throughout the international community.
but if only the government unilaterally dominant exchange rate fluctuations,, the real economy and difficult enterprise afraid load, and therefore the exchange rate market with international currency exchange rate reform will be the only way. "At present, China initially established based on market supply and demand with reference to "a basket" of currencies,, a managed floating exchange rate system. Forex trading center under the authority of the People's Bank, announced a day the central parity of RMB against the major currencies in the foreign exchange market before the opening bell, the market exchange rate to fluctuate central parity center. This form is divided into three types: one is the dollar.
the average is determined by the market maker quotes; second is the euro, British pound, Canadian dollar and other exchange rates in accordance with the international market,, the dollar set by the operator; finally yen, Malaysia,, etc. These currency by market makers simple average.For further reform of the existing exchange rate,, Chen Xuebin considers it necessary "two-step." Namely: first improve the existing system, the euro, British pound and other currencies gradually added to form a third exchange rate, which is determined by market makers floating up and down the central parity. Then is effectively play the basic role of market supply and demand in the exchange rate formation mechanism, the abolition of the floating range of RMB exchange rate and restrictions. Ultimately makes fully market-oriented exchange rate, the central bank through the recovery and distribution of money to intervene in the exchange market, rather than the use of direct means of intervention in the exchange rate.Revitalize demand attention to the rational allocationAt present.
these relate to the price of the financial sector reforms should be very cautious."China's price reform last century the mid-1980s, brought a series of economic and social problems.
whether it is market-oriented countries represented the United States, Britain, or Germany, on behalf of the Bank of Japan the dominant countries,, the proportion of direct financing has been temporarily more than 50% of the total financing, and there is an increasing trend. Compared to mainstream international finance market,, China is still relatively dependent on indirect financing, only about 40% the proportion of direct financing.Specific to the situation in China, the direct financing market channels in favor of risk aversion,, the market itself while avoiding disadvantages, survival of the fittest,, but also to better promote the enterprises to accelerate their transformation to win with efficiency financing. And with respect to the fetters heavy indirect financing, direct financing more flexible, for the Internet,, such as a higher acceptance of new things all the chips, but also easier to form a multi-level derivatives market.Dry Yunfeng believe, accelerate the construction of multi-level capital market is a prerequisite for the development of direct financing. Nine new countries asked to "make the market play a decisive role in allocating resources," and only perfect capital markets, to be able to guide rational capital into direct financing platform. Can then be supplemented by promoting the wealth management industry, promoting and financing, so that people no longer talk about the mere mention of the IPO, attention and positive interaction between investment and financing capital markets.However,, both the exchange rate reform or financing market reforms.
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