2020•Academic Journal of Business & ManagementRequires access

Reform of the RMB Exchange Rate System and Future Prospects

Haochen Zhang

Abstract

China's RMB exchange rate system has gone through four stages: dual exchange rate system, pegged exchange rate system, exchange rate floating system, and perfecting the mid-price quotation mechanism, which has already made individual achievements. However, China's exchange rate system still has many problems, such as the failure of exchange rate prices to fully reflect market supply and demand levels, as well as much government intervention. In the future, we should continue to improve the market maker system and promote the market-oriented reform of the RMB exchange rate system.

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Key concepts: Renminbi, Exchange rate, China, Economics, Interest rate parity, Floating exchange rate, Dual (grammatical number), Government (linguistics)