Chapter 5
International Exchange System
第五章 国际汇率制度
第一节 固定汇率制 Fixed Rate System
The world economy operated under a system of
fixed dollar exchange rates between the end of
World War II and 1973,with central banks
routinely trading foreign exchange to hold their
exchange rates at internationally agreed levels.
Two kinds of the fixed
exchange rates
1,金本位制度下的固定汇率制
2,纸币流通制度下的固定汇率制
Gold Standard:规定货币单位的含金量。
含金量的的对比决定汇率 。
金币可以 自由 铸造； 自由 兑换； 自由 输出入。
The Gold Standard
An international gold standard avoids the
asymmetry inherent in a reserve currency
standard by avoiding the,Nth currency”
problem,Under a gold standard,each
country fixes the price of its currency in
terms of gold by standing ready to trade
domestic currency for gold whenever
necessary to defend the official price.
Advantage of the Gold Standard
Because there are N currency and N
prices of gold in terms of those currencies,
no single country occupies a privileged
position within the system,each is
responsible for pegging its currency’s
price in terms of the official international
reserve asset,gold,Gold standard rules
also require each country to allow
unhindered imports and exports of gold
across its borders.
Benefits and drawbacks of the
Gold Standard
Benefits:
1,Symmetry
2,Price level and value of national money
are more stable and predictable
3,Enhance international transactions
Drawbacks:
1,Constraints on the use of monetary policy to
fight unemployment.
2,Tying currency values to gold ensures a stable
overall price level only if the relative price of
gold is stable.→gold discovery in South America
3,An international payments system based on gold
is problematic because central banks cannot
increase their holdings of international reserves
as their economies grow unless there are
continual new gold discoveries.
4,The gold standard gives gold-producing
countries power to influence the world economy
The Gold Exchange Standard
Halfway between the gold standard and a pure
reserve currency standard is the gold exchange
standard,Central banks’ reserves consist of gold
and currencies whose prices in terms of gold are
fixed,and each central bank fixes its exchange rate
to a currency with a fixed gold price,
More flexibility in the growth of international
reserves.
Fixed Exchange Rates under
currency-circulation system
纸币流通下的 布雷顿森林体系 。 1944
Bretton Woods agreement
英国向美国妥协的结果,双挂钩,体系。
金块美元 dollar
各国货币日元 …
里拉 …
1盎司 =35美元
1%幅度波动
How to sustain the Fixed Rate
维持固定汇率制的手段：
1,动用黄金储备（储备项目）
2,利用贴现政策（资本项目）
3,施行外汇管制（或签订互换货币协定）
4,实行法定贬值（ last resort）
Dilemma of US dollar
美国逆差收支平衡向他国提供美元保持对美元信心
Process of dollar
devaluation
美元贬值
1944 1971 1973
1盎司值美元35
38
42.22 脱钩浮动
Abandoned Gold
Exchange Standard
The post-World War II reserve currency system
centered on the dollar was,in fact,originally set up
as a gold exchange standard,While foreign central
banks did the job of pegging exchange rates,the
U.S,Federal Reserve was responsible for holding
the dollar price of gold at $35 an ounce,By the
mid-1960s,the system operated in practice more
like a pure reserve currency system than a gold
standard,President Nixon unilaterally severed the
dollar’s link to gold in August 1971,shortly
before the system of fixed dollar exchange rates
was abandoned.
Floating Exchange Rate System
第二节 浮动汇率制度
特征,
1,不 规定本国货币与外币 黄金平价
2,不 规定汇率波动的 上下限
3,中央银行 无 义务维持汇率波动界限 义务
4,外汇 市场 供求决定汇率
5,国际收支 变化是影响汇率的主要因素
Types of floating
exchange rates
政府有否干预 (dirty hand)
1,自由浮动 Free Float/Clean Float
2,管理浮动 Managed Float/Dirty Float
是否与其他货币发生联系 (Connection)
1,单独浮动 Single Float 英镑，美元，日元等
27个国家。
2,钉住浮动 Pegged Float(1)钉住某一种货币：
过去的殖民地与宗主国之间关系 (2)钉住一揽子货币,SDR; ECU;取决于主要贸易伙伴国。
3,联合浮动 Joint Float欧共体。
Advantage and drawback
of floating rate
浮动汇率制度的有利因素：
1,可以防止大量游资对硬货币的冲击。
2,可以防止外汇和黄金储备的流失。
3,各国有较大的自由来推行本国政策。
总而言之,没有义务 来维护固定汇率。
Drawbacks of floating
exchange rate
浮动汇率的三方面弊端：
1,增加进出口贸易结算成本和风险，不利于国际贸易的发展。
2,助长国际金融市场上的投机活动。
3,各国采取以邻为壑政策，竞争性货币贬值。 Beggar-thy-neighbor policy.
Krugman & Obstfeld (1)
1,Discipline,Central banks freed from the
obligation to fix their exchange rates might
embark on inflationary policies.
2,Destabilizing speculation and money market
disturbances,Speculation on changes in
exchange rates could lead to instability in foreign
exchange markets.
3,Injury to international trade and investment.
Floating rates would make relative international
prices more unpredictable.
Krugman & Obstfeld (2)
4,Uncoordinated economic policies,The door
would be opened to competitive currency practices
harmful to the would economy.
5,The illusion of greater autonomy,Floating
exchange rates would not really give countries
more policy autonomy,Changes in exchange rates
would have such pervasive macroeconomic effects
that central banks would feel compelled to
intervene heavily in foreign exchange markets
even without a formal commitment to peg.
Selection of Fixed &
Floating Exchange Rates
固定汇率制和浮动汇率制的选择取决于一国的国情：
大国还是小国；
发展中国家还是发达国家；
此事古难全
Exchange Rate System
in Hong Kong
第三节 联系汇率制度（演变史）
1935
美元英镑区成员，港币与英镑之间是固定汇率 1英镑 =16港元
1972 英镑自由浮动，港币与美元建立固定联系 1美元 =5.65港元
1973 美元自由浮动，港币也自由浮动 不断贬值过程……
1983.
10
港币直接与美元挂钩，
联系汇率制度 开始 1美元 =7.8港元
Stabilization Policies
香港联系汇率制度的主要内容,
（教材 155页）
从 1983年 10月 17日起，发钞银行增发的港元现钞，一律以 1美元 =7.8港元的比价，事先向外汇基金交纳美元。保证了 港币的发行有美元的准备 。 1994年进一步规定上述固定汇率只使用于发钞银行与外汇基金之间。其他交易则全部按照市场汇率来进行。
Adaptability and Vitality
Hong Kong,small open economy
资源贫乏，生产资料和生活必需品依赖进口。香港 对外贸易 是本地 GDP 的 2.5倍。
外资 在香港经济中占绝对比重。外资占股票市场交易额的三分之一。
Weathering the Storms
1987年全球股灾； 1990年海湾战争； 1991
年欧洲汇率机制解体； 1997-1998年亚洲金融危机。
Evolution of Exchange
System of RMB in China
第一时期：国民经济恢复时期
1949 $1=￥5,241.34旧币 自力更生，奖出限入，照顾侨汇。
1950 $1= ￥33,806.11旧 朝鲜战争，奖励出口，兼顾进口。
1951 $1= ￥23,473.33旧 人民币内部钉住美元
1952 $1= ￥ 26,170.00旧 奖励出口，兼顾进口
1953 对外停止公布人民币汇率第二时期,固定汇率制下的人民币汇率
1954 对外停止公布人民币汇率 ;人民币作为内部结算用。
1955 $1= ￥2.46 新币换旧币，新 ￥1=旧 ￥10,000 实行固定汇率制。
1956~
1970 $1= ￥2.46
大跃进，文革，进出口贸易国家垄断。汇率为企业折算用
1971 $1= ￥2.26 美元贬值 7.89%
第三时期：浮动汇率制下的人民币汇率
1972 $1= ￥2.23
1973 $1= ￥1.95 美元为中心固定汇率制崩溃。
1974 $1= ￥ 1..94
1975 $1= ￥ 1.85
1976 $1= ￥ 1..94 (2.38) 国外开始对中国外汇黑市进行统计
1977 $1= ￥ 1.85 (2.26)
1978 $1= ￥ 1.68 (2.27)
1979 $1= ￥ 1.55 (2.37) 内部结算价开始 $1= ￥ 2.53
第四时期,双重汇率制的过渡时期
1980 $1= ￥ 1.49 (1.93) 外汇兑换券使用
1981 $1= ￥ 1.70 (2.04)
1982 $1= ￥ 1.89 (2.25) 外贸体制改革
1983 $1= ￥ 1.97 (2.39)
1984 $1= ￥ 2.32 (2.68)
第五时期,人民币大幅度下调
1985 $1= ￥ 2.93 (3.04) 上海外汇调剂市场成立
1986 $1= ￥ 3.45 (4.02)
1987 $1= ￥ 3.72 (4.40)
1988 $1= ￥ 3.72 (6.83) 全国外贸承包责任制
1989 $1= ￥ 3.76 (7.89) 天安门事件，
1990 $1= ￥ 4.78 (5.83) 人民币贬值 9.57%
1991 $1= ￥ 5.32 (6.78) 允许个人外汇存取买卖
1992 $1= ￥ 5.51 (8.62) 全国外汇调剂中心成立连网 42个地方外汇调剂市场
1993 $1= ￥ 5.76 (9.65) 外汇稳定基金建立第六时期,人民币汇率小幅度升值
1994 $1= ￥ 8.61 (8.71) 统一汇率，结束复汇率制
1995 $1= ￥ 8.35 (8.38) 取消外汇兑换券
1996 $1= ￥ 8.31 (8.34) 加入 IMF第 8成员国，个人居民可经营外汇
1997 $1= ￥ 8.31 亚洲金融危机爆发
Features of RMB rate
-Exchange system in China
现行人民币制度的特点：
1,单一的 管理浮动汇率 制度 (1994并轨后 )
2,直接标价法
3,买卖价，中间价，
4,有汇价，钞价两种
5,有远期人民币的买卖（ 1971年开始 15种货币买卖远期人民币，中国没有规定远期汇率，远期汇率 =即期汇率 +远期费）
6,汇率的挂牌
International Exchange System
第五章 国际汇率制度
第一节 固定汇率制 Fixed Rate System
The world economy operated under a system of
fixed dollar exchange rates between the end of
World War II and 1973,with central banks
routinely trading foreign exchange to hold their
exchange rates at internationally agreed levels.
Two kinds of the fixed
exchange rates
1,金本位制度下的固定汇率制
2,纸币流通制度下的固定汇率制
Gold Standard:规定货币单位的含金量。
含金量的的对比决定汇率 。
金币可以 自由 铸造； 自由 兑换； 自由 输出入。
The Gold Standard
An international gold standard avoids the
asymmetry inherent in a reserve currency
standard by avoiding the,Nth currency”
problem,Under a gold standard,each
country fixes the price of its currency in
terms of gold by standing ready to trade
domestic currency for gold whenever
necessary to defend the official price.
Advantage of the Gold Standard
Because there are N currency and N
prices of gold in terms of those currencies,
no single country occupies a privileged
position within the system,each is
responsible for pegging its currency’s
price in terms of the official international
reserve asset,gold,Gold standard rules
also require each country to allow
unhindered imports and exports of gold
across its borders.
Benefits and drawbacks of the
Gold Standard
Benefits:
1,Symmetry
2,Price level and value of national money
are more stable and predictable
3,Enhance international transactions
Drawbacks:
1,Constraints on the use of monetary policy to
fight unemployment.
2,Tying currency values to gold ensures a stable
overall price level only if the relative price of
gold is stable.→gold discovery in South America
3,An international payments system based on gold
is problematic because central banks cannot
increase their holdings of international reserves
as their economies grow unless there are
continual new gold discoveries.
4,The gold standard gives gold-producing
countries power to influence the world economy
The Gold Exchange Standard
Halfway between the gold standard and a pure
reserve currency standard is the gold exchange
standard,Central banks’ reserves consist of gold
and currencies whose prices in terms of gold are
fixed,and each central bank fixes its exchange rate
to a currency with a fixed gold price,
More flexibility in the growth of international
reserves.
Fixed Exchange Rates under
currency-circulation system
纸币流通下的 布雷顿森林体系 。 1944
Bretton Woods agreement
英国向美国妥协的结果,双挂钩,体系。
金块美元 dollar
各国货币日元 …
里拉 …
1盎司 =35美元
1%幅度波动
How to sustain the Fixed Rate
维持固定汇率制的手段：
1,动用黄金储备（储备项目）
2,利用贴现政策（资本项目）
3,施行外汇管制（或签订互换货币协定）
4,实行法定贬值（ last resort）
Dilemma of US dollar
美国逆差收支平衡向他国提供美元保持对美元信心
Process of dollar
devaluation
美元贬值
1944 1971 1973
1盎司值美元35
38
42.22 脱钩浮动
Abandoned Gold
Exchange Standard
The post-World War II reserve currency system
centered on the dollar was,in fact,originally set up
as a gold exchange standard,While foreign central
banks did the job of pegging exchange rates,the
U.S,Federal Reserve was responsible for holding
the dollar price of gold at $35 an ounce,By the
mid-1960s,the system operated in practice more
like a pure reserve currency system than a gold
standard,President Nixon unilaterally severed the
dollar’s link to gold in August 1971,shortly
before the system of fixed dollar exchange rates
was abandoned.
Floating Exchange Rate System
第二节 浮动汇率制度
特征,
1,不 规定本国货币与外币 黄金平价
2,不 规定汇率波动的 上下限
3,中央银行 无 义务维持汇率波动界限 义务
4,外汇 市场 供求决定汇率
5,国际收支 变化是影响汇率的主要因素
Types of floating
exchange rates
政府有否干预 (dirty hand)
1,自由浮动 Free Float/Clean Float
2,管理浮动 Managed Float/Dirty Float
是否与其他货币发生联系 (Connection)
1,单独浮动 Single Float 英镑，美元，日元等
27个国家。
2,钉住浮动 Pegged Float(1)钉住某一种货币：
过去的殖民地与宗主国之间关系 (2)钉住一揽子货币,SDR; ECU;取决于主要贸易伙伴国。
3,联合浮动 Joint Float欧共体。
Advantage and drawback
of floating rate
浮动汇率制度的有利因素：
1,可以防止大量游资对硬货币的冲击。
2,可以防止外汇和黄金储备的流失。
3,各国有较大的自由来推行本国政策。
总而言之,没有义务 来维护固定汇率。
Drawbacks of floating
exchange rate
浮动汇率的三方面弊端：
1,增加进出口贸易结算成本和风险，不利于国际贸易的发展。
2,助长国际金融市场上的投机活动。
3,各国采取以邻为壑政策，竞争性货币贬值。 Beggar-thy-neighbor policy.
Krugman & Obstfeld (1)
1,Discipline,Central banks freed from the
obligation to fix their exchange rates might
embark on inflationary policies.
2,Destabilizing speculation and money market
disturbances,Speculation on changes in
exchange rates could lead to instability in foreign
exchange markets.
3,Injury to international trade and investment.
Floating rates would make relative international
prices more unpredictable.
Krugman & Obstfeld (2)
4,Uncoordinated economic policies,The door
would be opened to competitive currency practices
harmful to the would economy.
5,The illusion of greater autonomy,Floating
exchange rates would not really give countries
more policy autonomy,Changes in exchange rates
would have such pervasive macroeconomic effects
that central banks would feel compelled to
intervene heavily in foreign exchange markets
even without a formal commitment to peg.
Selection of Fixed &
Floating Exchange Rates
固定汇率制和浮动汇率制的选择取决于一国的国情：
大国还是小国；
发展中国家还是发达国家；
此事古难全
Exchange Rate System
in Hong Kong
第三节 联系汇率制度（演变史）
1935
美元英镑区成员，港币与英镑之间是固定汇率 1英镑 =16港元
1972 英镑自由浮动，港币与美元建立固定联系 1美元 =5.65港元
1973 美元自由浮动，港币也自由浮动 不断贬值过程……
1983.
10
港币直接与美元挂钩，
联系汇率制度 开始 1美元 =7.8港元
Stabilization Policies
香港联系汇率制度的主要内容,
（教材 155页）
从 1983年 10月 17日起，发钞银行增发的港元现钞，一律以 1美元 =7.8港元的比价，事先向外汇基金交纳美元。保证了 港币的发行有美元的准备 。 1994年进一步规定上述固定汇率只使用于发钞银行与外汇基金之间。其他交易则全部按照市场汇率来进行。
Adaptability and Vitality
Hong Kong,small open economy
资源贫乏，生产资料和生活必需品依赖进口。香港 对外贸易 是本地 GDP 的 2.5倍。
外资 在香港经济中占绝对比重。外资占股票市场交易额的三分之一。
Weathering the Storms
1987年全球股灾； 1990年海湾战争； 1991
年欧洲汇率机制解体； 1997-1998年亚洲金融危机。
Evolution of Exchange
System of RMB in China
第一时期：国民经济恢复时期
1949 $1=￥5,241.34旧币 自力更生，奖出限入，照顾侨汇。
1950 $1= ￥33,806.11旧 朝鲜战争，奖励出口，兼顾进口。
1951 $1= ￥23,473.33旧 人民币内部钉住美元
1952 $1= ￥ 26,170.00旧 奖励出口，兼顾进口
1953 对外停止公布人民币汇率第二时期,固定汇率制下的人民币汇率
1954 对外停止公布人民币汇率 ;人民币作为内部结算用。
1955 $1= ￥2.46 新币换旧币，新 ￥1=旧 ￥10,000 实行固定汇率制。
1956~
1970 $1= ￥2.46
大跃进，文革，进出口贸易国家垄断。汇率为企业折算用
1971 $1= ￥2.26 美元贬值 7.89%
第三时期：浮动汇率制下的人民币汇率
1972 $1= ￥2.23
1973 $1= ￥1.95 美元为中心固定汇率制崩溃。
1974 $1= ￥ 1..94
1975 $1= ￥ 1.85
1976 $1= ￥ 1..94 (2.38) 国外开始对中国外汇黑市进行统计
1977 $1= ￥ 1.85 (2.26)
1978 $1= ￥ 1.68 (2.27)
1979 $1= ￥ 1.55 (2.37) 内部结算价开始 $1= ￥ 2.53
第四时期,双重汇率制的过渡时期
1980 $1= ￥ 1.49 (1.93) 外汇兑换券使用
1981 $1= ￥ 1.70 (2.04)
1982 $1= ￥ 1.89 (2.25) 外贸体制改革
1983 $1= ￥ 1.97 (2.39)
1984 $1= ￥ 2.32 (2.68)
第五时期,人民币大幅度下调
1985 $1= ￥ 2.93 (3.04) 上海外汇调剂市场成立
1986 $1= ￥ 3.45 (4.02)
1987 $1= ￥ 3.72 (4.40)
1988 $1= ￥ 3.72 (6.83) 全国外贸承包责任制
1989 $1= ￥ 3.76 (7.89) 天安门事件，
1990 $1= ￥ 4.78 (5.83) 人民币贬值 9.57%
1991 $1= ￥ 5.32 (6.78) 允许个人外汇存取买卖
1992 $1= ￥ 5.51 (8.62) 全国外汇调剂中心成立连网 42个地方外汇调剂市场
1993 $1= ￥ 5.76 (9.65) 外汇稳定基金建立第六时期,人民币汇率小幅度升值
1994 $1= ￥ 8.61 (8.71) 统一汇率，结束复汇率制
1995 $1= ￥ 8.35 (8.38) 取消外汇兑换券
1996 $1= ￥ 8.31 (8.34) 加入 IMF第 8成员国，个人居民可经营外汇
1997 $1= ￥ 8.31 亚洲金融危机爆发
Features of RMB rate
-Exchange system in China
现行人民币制度的特点：
1,单一的 管理浮动汇率 制度 (1994并轨后 )
2,直接标价法
3,买卖价，中间价，
4,有汇价，钞价两种
5,有远期人民币的买卖（ 1971年开始 15种货币买卖远期人民币，中国没有规定远期汇率，远期汇率 =即期汇率 +远期费）
6,汇率的挂牌
