中國大陸的匯率干預與資本帳管理

The Foreign-Exchange-Market Intervention and Capital-Account Management in China

在國際金融領域，中央銀行干預或操控匯率政策為頗受關注的重要議題之一。新興國家如中國大陸，常為了政策性考量而進場干預匯市，操縱匯率以增強其出口商品之競爭力，對國際貿易、資本流動與經濟成長影響甚鉅。本文簡述中國人民銀行之匯率政策、匯率干預與資本帳管理等政策，著重於政策制度層面之探討，最後說明人行匯率干預之挑戰與未來趨勢。

Foreign-exchange-market intervention is an important topic in the field of International finance. The People’s Bank of China adopted a managed exchange rate system to actively intervene in the foreign exchange market in order to keep RMB exchange rate stable and which has greatly affected international trade, capital flows and economic growth. The paper investigates the exchange rate regime in China, the People’s Bank of China’s foreign exchange market intervention, and its capital account management. The aim is to know the future challenge and development in exchange rate regime in China.