The 20th report of the party is clearly proposed，Accelerate the construction of a large domestic cycle as the main body、New development pattern of domestic and international dual cycles。RMB exchange rate is a key connection point for unblocking internal and external circulation。Therefore，The People's Bank of China clearly claims to increase the elasticity of the RMB exchange rate，Promoting the reform of the RMB exchange rate formation mechanism，The role of the automatic stabilizer of the exchange rate more effectively。

How to enhance the elasticity of the RMB exchange rate? How to build and play the role of automatic stabilizers?，After two exchange rate system reforms，The change in the level of domestic and foreign exchange exchange rates has been basically the same as the average level of major international currencies such as Europe and the United States;，It may be closely related to the elasticity of the RMB exchange rate。From the perspective of global experience，Effective enhanced RMB exchange rate elasticity needs to be weighing in the following four aspects。

bet365 live casino games  

Developing countries attach great importance to finding the level of currency equilibrium exchange rate level。They try to use a series of economic variables and historical experience data to establish a model to simulate and predict the national equilibrium exchange rate，It is expected to better safeguard the economic interests of the country in the process of globalization，The reason may be related to the determination of the exchange rate level in the academic community and the lack of the exchange rate of the exchange rate。Purchasing power parity theory、International revenue and expenditure theory、interest rate parity theory、Asset market theory, all are classic theories about how to determine the currency exchange rate level，Provided us with experience judgment，Bet365 lotto review That is, any currency does have a balanced exchange rate。But the factors that determine the balanced exchange rate are complicated，Not only many and time changes，Therefore, the balanced exchange rate is also changing。

exchange rate elasticity is different，It is an inherent attribute of the equilibrium exchange rate level itself，With automatic stability function。Its objective existence plays an important basic role in the international optimization allocation of economic resources in one country。But the play of this elastic effect requires two conditions: one is the elasticity limit。More than this limit，Then the balanced exchange rate of one country is difficult to automatically stabilize。The second is not disturbed by external forces，The external force applied to the exchange rate can justify the damping force。If you want to play the automatic stability of the exchange rate elasticity，You must create and maintain these two necessary conditions。

For this，To place the elasticity of the exchange rate at a more important position than the exchange rate level，Realize the focus from the pursuit of equilibrium exchange rate to enhanced exchange rate elastic transfer，It is difficult to find the trouble of the equilibrium exchange rate。Looking at the history of exchange rate changes，Although the exchange rate of the RMB against the US dollar changes from 6.3 to 7.3 in 2022，China's economy can still bear changes in exchange rate levels due to strong toughness，But if you want to better play the role of the automatic stabilizer of the exchange rate in the development of the national economy，It is necessary to firmly follow the road to enhance the elasticity of the RMB exchange rate，To guide the optimized allocation of resources in domestic and international dual cycles more high quality。

Single indicators and multi -dimensional 

Many developing countries are accustomed to using single indicators such as changes in the exchange rate level to measure and compare the exchange rate elasticity，Multidimensions of economics to calculate the elasticity of the country's exchange rate。The reason may be compared Bet365 app download with the academic circles of the exchange rate elasticity.、No unified standards are related。Current，The concept and connotation of the exchange rate elasticity of the academic world have reached a consensus，The definition of Mai Jinnong: The exchange rate elasticity is the variability of the exchange rate。Many scholars try to measure exchange rate elasticity from different aspects，Design a variance from statistical and alias economics、Standard deviation、Conditional differences、Native square root errors and other many indicators and methods that measure exchange rate elasticity。

These methods originally pointed out the direction for developing countries to enhance exchange rate elasticity，But the relevant countries in practice are light when they avoid the weight、Wangwen Shengyi，It is thought that the elasticity of the exchange rate is to relax the limit，Elasticity is the size of the exchange rate level variable。In fact，Exchange rate elasticity is like exercise in physics，It is a special movement that can automatically stabilize the exchange rate。The indicator of the measurement of exercise in physics is multi -dimensional，Disposal and distance、Different levels such as speed and rate。Similarly，The indicator of the elasticity of the exchange rate should also be multi -level，It is necessary to have indicators that reflect changes in the exchange rate level，There must be an indicator that reflects changes in exchange rate changes and changes in exchange rate changes。Otherwise，Only use single indicators to measure and judge the elasticity of the exchange rate is difficult to accurately grasp the level of exchange rate development of a country。

For this，Learn to use multi -dimensional to comprehensive、Evaluate and detect the level of elastic development of the RMB exchange rate in China。Abandoning the elasticity of the exchange rate with only a single indicator，Turn from multi -layered、Multi -dimensional、Comprehensive indicators。Based on this，Find a short board that finds gaps and restricts domestic exchange rate elasticity through international comparisons。

Elasticity:Administrative intervention and market mechanism 

The performance of exchange rate elasticity depends on the formation of its internal elastic mechanism。But related literature still only stays in the analysis of the intervention mechanism，All analyzes foreign exchange reserves from the central bank's intervention perspective、The influence mechanism of policy tools such as currency supply and interest rate on exchange rate elasticity。As mentioned earlier，Many factors affecting the elasticity of the exchange rate of a country，Elasticity similar to spring is subject to material、thickness、length and shape, etc.，Not only affected by the central bank's intervention factors，There are also factors from economic fundamentals、Organic combination of a series of mechanisms such as market factors，It can be called the three major mechanisms of exchange rate elasticity。The mechanism of their exchange rate elasticity is different，It is not exclusive and irreplaceable between each other，Together constitutes a dynamic exchange rate elastic decision system。Among them, the fundamental mechanism reflects the exchange rate change to the economy of a country、Response mechanisms of trade and international capital flows，is the basis for determining the elasticity of the exchange rate。Market mechanism reflects the reaction mechanism of exchange rate changes to the changes in the foreign exchange market at home and abroad，The premise reflected in the elasticity of exchange rate。The intervention mechanism refers to the exchange rate elasticity to related macro -control variables such as currency supply、Reaction mechanism for changes in interest rates and foreign exchange reserves，Follow the Law of Hu Ke，Reflected the exchange rate regulation method and control efficiency。The organic unity of the three can allow a foreign exchange rate to generate an automatic stabilizer function。

But，Most developed national exchange rate elastic mechanisms are quite fragile，The reason is that the fixed exchange rate system was basically implemented before，Det the currency value of the other currency at a certain foreign currency Bet365 app download value, so there is no elasticity of the local currency exchange rate。After implementing a management floating exchange rate system，Although some countries have gradually relaxed the exchange rate restrictions of the local currency relative to major foreign currencies，But the micro foundation of the fluctuation of the local currency is still fragile，The micro power of the exchange rate elasticity is still insufficient。This is a scholar attempting to build elastic indicators from the concept of economics elasticity to evaluate the elastic mechanism of a country，But the result is always the reason for the wall。So，Some developing countries implement a management floating exchange rate system，The prevention of strengthening the risk of exchange rate changes on the basis of enhancing the elasticity of the exchange rate。But some of the strategies in practice make it have to continue to adopt the method of a fixed exchange rate period，The exchange rate level is still converted according to a certain (group) currency exchange rate; the exchange rate fluctuation still comes from the administrative force of the regulatory authorities。As a result, there is a huge deviation when the exchange rate changes to a certain extent，I have to further intervene in artificial intervention。

For this，We must pay attention to the construction of the elastic mechanism，Reduce dependence on administrative intervention mechanism，Realize the transition to indirect regulation as soon as possible。The performance of the exchange rate elasticity depends on the formation of the three major elastic mechanisms，Among them, the most basic market mechanism。During the construction market mechanism process，Not limited to relying on anchor effects (or basket effects) to determine the domestic exchange rate level，Instead of focusing on the self -adjustment mechanism of cultivating the domestic foreign exchange market in order to promote the formation of the exchange rate elastic dynamic mechanism as soon as possible。

Elastic construction: US dollar elasticity and non -US dollar elasticity 

The reform of the exchange rate system in China originated Bet365 lotto review from July 21, 2005，I have experienced two important development stages so far。The first stage is July 21, 2005 to August 10, 2015，The main feature is that quickly let go of the non -US dollar exchange rate floating limit to ± 3%，After gradually let go of the US dollar range restrictions to ± 2%，I hope to enhance the exchange rate elasticity。The second stage is August 11, 2015 to the present，Mainly strengthening the city business system，Focus on cultivating US dollar exchange rate formation mechanisms。Obviously，The current specific exchange rate elastic mechanism construction and construction of a new development pattern still have a large gap。

Most developing nationals are happy to borrow anchor effect research method，Use the free exchange of third -country currency (especially the US dollar) to calculate the international impact of the local currency，Or calculate the currency value of the local currency against the US dollar through the currency basket。Few developing countries have issued a mechanism for cultivating the elasticity of the local currency exchange rate from their own economic transformation characteristics。In fact，Most developing countries' foreign exchange markets are not only lagging behind，and the pace of reform of foreign exchange rates is not synchronized。If the central bank wants to grasp the elasticity of the local currency exchange rate，Can't just follow the US dollar and ignore the variability of the non -US dollar exchange rate。

For this，To eliminate prejudices that ignore the elasticity of non -US dollar exchange rates，will increase the elasticity of the main non -US dollar foreign exchange rate to the same important position as the US dollar。As a big country，China's economic development for different countries around the world，Diversified international exchange rate elasticity is an important guarantee for sharing international economic interests in all directions。At the same time，As a developing country，When my country enhances RMB exchange rate elasticity，Can't just pay attention to the US dollar and ignore non -US dollar exchange rate elasticity，Elasticity bet365 live casino games of both types of foreign exchange exchange rates should be fully developed。

(The author is a professor at the Department of International Financial University of Fudan University; Researcher at the Institute of Applied Economics of Shanghai Academy of Social Sciences)