The history evolution and trend of reform of the RMB exchange rate system

The problem of RMB Exchange rate has attracted a wide range of concern home and abroad.We can deduce that the priority depends on the RMB Exchange rate formation mechanism in the market-oriented process from the history evolution of RMB Exchange rate system and its reform orientation.The 2005 Reform was the outcome of internal and external causes,which assumed the so-called inter- national system“BBC”type exchange rate.Our country should not take completely free floating exchange rate as purpose in the near fu- ture,but back to the managed floating exchange rate system on the basis of supply and demand in light of the market.And the long-term target is to realize the freely convertible RMB as well as the free floating exchange rate system.