Analysisoftheimpactofforeignexchangereform[Abstract]WiththenewRMBexchangeratemechanismused,theRMBexchangeratehasbeguntomoveclosertotherealmarketvalueofthispaperwillintroducethebackgroundoftheRMBexchangeratereform,andotherreasons,thereformofRMBexchangerateimpactanalysis,anddeep-levelthinking.[Keywords:]becausethehistoricalbackgroundoftheRMBexchangereformInfluenceofJuly21,2005,People’sBankofChinaannouncedApprovedbytheStateCouncil,sinceJuly21,2005,Chinabegantoimplementmarket-based,withreferencetoabasketofcurrenciesRegulated,managedfloatingexchangerateregimethecentralbanktoadjusttheexchangeratethemostimportantmechanismoftheRMBexchangeratehaschangedfromasingledollarpegtoabasketofmajorcurrencies,whichisanimportantstep,whichmeanstheyuantofloatfreelytakenahistoricstepinChina’s1economiccapabilitytowithstandrisksareveryhelpful,flexibleexchangeratesystemtoincreasetheeffectivenessofmonetarypolicy.First,thehistoricalbackgroundoftheRMBexchangeratereformChina’seconomyinrecentyears,rapiddevelopmentandrelativelysluggishworldeconomyinsharpcontrasttotheUnitedStates,Japan,representedbythedevelopedcountriesforChina’scheapmanufacturingproductsshowedstrongdissatisfaction,becausetheythinkitis“MadeinChina”Thelowpricehascausedthecontinuedtradesurpluswiththesecountries,sotheymaketheyuanshouldberevaluedasChina’stradesurpluscontinuestoexpand,thisappreciationfromtheinternationalaspectsoftheincreasingpressure.Meanwhile,thePeople’sBankofChinatokeepRMBexchangeratestable,continuousdoublesurplusconditions,hadtobuyforeignexchange,investRMB,whichisnotonlythefoundationofourmoneysupplyhadasignificantimpact,butalsoontheRMBexchange2rateformationmechanismproduceddistorted.AswellasbytheinternationalimpactofRMBappreciationexpectations,alotofhotmoneyintoChinathroughvariouschannels,Chinaposesathreattofinancialstability,sotheRMBexchangeratereformisimperative.Second,themainforeignexchangereformOntheonehand,theRMBexchangerateformationmechanismreformforChinaforabetterinternationalenvironment,theproperappreciationoftheyuaninternationalcommunitytohelpreducethepressureofRMBappreciation,theinternationalcommunitytoreducetheexpectedappreciationoftherenminbi,China’sstablefinancialenvironment.Ontheotherhand,theRMBexchangeratereformwillhelptoimprovetheindependenceofmonetarypolicy,foreignexchangeforreducingtheimpactofbasemoney,thecentralbankcanusemonetarypolicymoremacroeconomicadjustmentinChina,isamorehealthyandstableeconomyrun.3Third,analysisoftheimpactofforeignexchangereform1theimpactofChina’sforeigntradeFirst,fromtheimportside,theRMBexchangeratereform,makingthepricingofthepeopletendtorationalize,afterthereformonRMBappreciationhasbeeninthestate,therefore,forimports,therelativedeclineinthecosttoexpandtheimportofcorporateprofitmargins.Atthesametimeanincreaseinimportswillbeincreasedtosomeextent,domesticcompetition,willhelpimprovethecompetitivenessofdomesticenterprisesawareness,improvelaborproductivity,butalsoshouldbenotedthatimportstoomuchmeansthereisalotofdomesticunderutilizedresources,thelackofefficiency.Secondly,fromtheexportside,theRMBexchangeratereform,makingthepricesofexportproducts,mainlyfromChina’scurrentlowpricesofthecurrentsituationoftheinternationalmarket,increasethecostofChina’sexportenterpriseswilllosepartofthemarket,narrowingprofitspace,butfromtheperspectiveoflong-termappreciationoftheyuanwillpromoteChin...