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中国的外汇改革和对冲汇率风险

随着1978年 “改革开放政策”的实施，中国作为一个新兴市场也逐渐兴起。中国已经成功地将自己从一个不灵活的中央计划经济体制转变为开放的市场经济，在贸易市场上取得了显著的进步。它20多年一直保持高稳定的增长率。由于中国正在成为世界经济舞台上的重要成员，对外汇率的变动可能成为中国企业的一个重要问题。2010年6月19日，中国央行宣布将进一步实施外汇改革，增强人民币汇率弹性（生活中的用钱指南，2010）。在最近的金融危机表明中国的汇率政策是一个重大的国际问题（张，2001）。但由于外汇改革和汇率风险对中国企业的影响，中国的中央银行陷入困境。

考虑到汇率改革对中国企业的影响，瑞银亚洲首席经济学家安德森表示，对中国企业来说进口的影响应该比出口的影响还要大。然而，在外部企业竞争中，中国企业在进口机械和原材料的同时，也肯定受到了国外的汇率改革的影响。因为从汇率改革中失去了竞争优势，他们的销售价格现在下降了。但麦肯锡公司大中国区办公室主任Woetzel认为汇率改革将带来中国企业走向国际市场，整个外汇改革过程的影响将使中国企业适应国际标准（让世界了解在接下来的2005年中国经济的辉煌）。

The Foreign Exchange Reform In China And Hedging Currency Risk Finance essay

China, one of the large emerging markets, with the implementation of its 'reform and opening up policy' made in 1978. China has successfully transformed itself from an inflexible centrally-planned economy to an open and market-oriented economy, and accomplished remarkable progress in trade market. China has maintained high and stable growth rates for over two decades. Since China is becoming an increasingly important member in the world's economic scene, the movements of the foreign exchange rate could be an important issue for Chinese firms. On 19 of June 2010, China's central bank declared that it will further implement the reform of foreign exchange and enhance the flexibility of RMB exchange rate (Money for life guide, 2010). In the recent financial crisis, it has shown that China's exchange rate policy is a substantial international issue (Zhang, 2001). However, China's central bank is in dilemma because of the effects of the foreign exchange reform and the currency risk to the Chinese companies.

In the influences of the foreign exchange reform to Chinese enterprises, Anderson, UBS's chief Asia economist, stated that the impact of importation should be better than the impact of exportation for Chinese firms. However, in the external business competitions, Chinese firms engage in importing machinery and raw materials from other countries, are definitely affected by the foreign exchange reform. Their selling prices are down right now because of losing the competitive advantage from exchange rate reform. But Woetzel, director of McKinsey & Company's Greater China Office, argued that the exchange rate reform will bring Chinese enterprises to the international market, and the effect of the whole foreign exchange reform process will allow Chinese companies to meet the international standards (Let the world to aware of a brilliant future of China's economy 2005).

This essay is organized as follows: Section 1, review the process of China's foreign exchange rate reform and the new Renminbi (RMB) exchange policy and its impact on China's balance of trade and the economic development. Section 2, briefly discuss about the impacts of foreign exchange reform in China and the risk to Chinese firms. Section 3, focus on the currency risk affecting the multinational companies in China, examines the relationship between foreign exchange rate arrangements, and states the solution to hedge the currency risk during the foreign exchange reform. Section 4 concludes the paper.

2.中国外汇改革-2. The Foreign Exchange Reform in China

Renminbi (RMB) has become a national currency in 1949, but it has been invariable and inconvertible. Consequently, RMB was limited to be an accounting instrument and a capital for allocati