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s rapid economic development and its growing impact on the world economy, the RMB exchange rate issue has become the international and domestic focus in recent years. Since China implemented the foreign exchange management system in 1994, it has been implementing a managed floating  https://www.51lunwen.org/CorporateGovernance/2011/1107/1016229827.html exchange rate, although it has the experience of the 1997 Asian financial crisis, the RMB exchange rate remained stable (Goldstein, 2004). However, since 2002, the RMB has been under upward pressure, the main incentive for this pressure is the depreciation of U.S. dollar and the U.S. trade deficit. And large international hot money inflows in China, gambling expectation of RMB appreciation; the same time, the pressure of appreciation also induced or exacerbated the sharp increase of Chinese real estate prices, resulting in local inflation and devaluation of domestic currency (Lu, 2004). In this case, whether the appreciation of RMB or maintaining the current exchange rate, it will bring about some deep-seated economic changes and difficult volatility. Therefore, the RMB exchange rate has caused the great importance by the Government, theory of community, business circles and all walks of life, and they all expect to find a reasonable range of the RMB exchange rate appreciation.
Internationally, parts of the developed countries such as the United States, https://www.51lunwen.org/CorporateGovernance/2011/1107/1016229827.html  Japan, have been led to pressure the Chinese government to agree the RMB appreciation. Thus, in July 21, 2005, People's Bank of China announced: "China began to implement with immediate effect on market supply and demand with reference to a basket of currencies, managed floating exchange rate system." Meanwhile, the RMB against the U.S. dollar appreciated 2%, adjusted to 1 U.S. dollar against 8.11 yuan (Cheung, Chinn & Fujii, 2009). This is a major adjustment of the RMB exchange rate formation mechanism and the exchange rate itself since the mid-90s of the last century. This adjustment will have a profound impact on China's international status in the process of global economic integration, China's future economic growth and macro-control, and China's economic development and sustainable development.
However, focusing on the formation mechanism of RMB exchange rate adjustment, each has a different view. Most domestic and foreign scholars recognized on China's RMB exchange rate reform initiative, and argued that the RMB appreciation should be gradual, appropriate efforts, and should not be too hasty. In particular, in early 2007 the EU changed its attitude and became very strong moderate, with the United States and Japan together and frequently expressed his views on the RMB exchange rate issue, urged the RMB appreciation. There are domestic and some economists  https://www.51lunwen.org/CorporateGovernance/2011/1107/1016229827.html have blamed for the long-term rapid growth of Chinese economy from the theories and similar experience, and suggested the appreciation pressure is reasonable, thus the natural conclusion is that the RMB should be revalued, and also cited the many benefits brought by appreciation. So who does the right or who does the wrong? We should carry out the empirical testing according to China’s data for further decision.

 

References
Blanchard, O & Giavazzi, F 2006, “Rebalancing Growth in China: A Three-Handed Approach”, China & World Economy, Vol. 14, pp.1-20.
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