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to prevent violent fluctuations, so that our country can prevent the dramatic changes in the international balance of payments, easing the pressure on RMB appreciation. In the long run, we should implement the floating exchange rate system of RMB management. (1) to relax the forced sale of the administrative intervention, the main players in the market is no longer the only RMB, according to their own willingness to hold foreign currency; reduce the threshold of the foreign exchange market, so that the more the strength and competitiveness of the main players in the market to be able to participate in the exchange rate market competition; the diversification of foreign exchange trading, clear the use of financial instruments to avoid exchange rate risk principle; implement the negative list, to limit the power of government intervention in a special range. (2) the central bank shall be independent from the State Council system, the process of formulating monetary policy, strengthening its discipline and discipline, regulating the market mainly through the indirect open market operations, play a decisive role in the allocation of resources in the market, understand the importance of the financial evaluation and control of the price level, and put into practice.
Continue to deepen the reform of state-owned commercial banks in China
The main body of the development of the offshore financial market in the internationalization of RMB is China's state-owned commercial banks, which guarantee its political reliability, but it hinders the development of offshore financial markets in economic efficiency. The key to the reform of state-owned commercial banks is to introduce competition mechanism. To achieve the 'four must', namely: (1) the problem of bad assets of state-owned commercial banks and legal capital shortage must be first priority; (2) the risk awareness and management level must be strengthened; (3) corporate governance structure must be improved; (4) the property rights of state-owned large commercial banks must be coordinated with the existing banking system. Corporation system and legal person system is the basis of market economy running. The foundation to meet the competitive game only for the market to build a platform to play the key to the efficiency of the market introduction of competitors. Most of the market share of the credit market in China, farmers, in the hands of the four largest banks, which makes the market to determine the interest rate becomes empty its name'. The formation of interest rates in China is more like an oligopoly. Only within a certain range. Although the reduction of interest rates is not in the name of the existence, but interest rates are not the result of market competition, the market for interest rates to achieve a real threat to the market. Foreign competitors can act as a 'Predator' in the interest rate market reform in China, forcing the reform of domestic commercial banks. In China's central bank policy making mechanism and forecast control ability to improve, the foreign exchange market to achieve high liquidity and high efficiency, risk awareness and defense capabilities in the enterprise and banks to strengthen the domestic financial system, efficient and stable operation, the international balance of payments to achieve a general balance, the implementation of the floating system of RMB management.
To develop current projects and capital projects, the Chinese governm