Achievement,Problems and Countermeasures of RMB Exchange Rate System Reform since 2005

The reform of RMB exchange rate regime since 2005 has made certain progress.The RMB exchange rate has almost come to its equilibrium value,the degree of marketization of which has been improved a lot,and the imbalance of international payments has been alleviated.But ander the financial crisis,the fluctuation range of RMB exchange rate becomes narrow recently.And the independence of monetary policy is still very little and the mode of economic growth has not changed much yet.To further RMB exchange rate reform,we should increase the flexibility of RMB exchange rate,adjust the basket of currencies in time,deepen the reform of property system,improve exchange market and make steady progress in opening up of capital account.