A Research on the Two Poles Theory of Exchange-rate Regime and Midterm and Long-term Choice of China's Exchange-rate Regime

The two poles exchangerate regime theory is a newborn theory which holds that the only lasting exchange rate regime should be either floatingrate or fixedrate, and other intermediate regime is vanishing or should vanish. By analyzing the two poles exchange rate regime and together with the analysis of vital factors in selecting exchange rate between two poles and intermediate exchange rate, the paper makes thorough probe into midterm and longterm choice of China's exchange rate regime.