The Research on the Relationship among Opening Capital Account, the Pressure on the Foreign Exchange Market of RMB and the Intervention of the Central Bank with Foreign Exchange
- 经济学院－已发表论文 
本文根据Weymark(1997)的理论框架估计了1994年1月至2014年9月人民币外汇市场压力指数以及央行外汇市场干预指数,还计算了我国资本账户开放度指标。在此基础上,对这三个指标的变化历程进行分析并对它们的联系进行实证研究。研究发现,自"汇改"以来,在人民币升值的同时,我国逐步放松了资本账户管制,国际收支逐步朝着均衡的方向发展,人民币升值压力大大得到缓解,央行总体上减少了对外汇市场的干预。Based on the theoretical framework of Weymark, the paper estimates the index of the pressure on RMB foreign exchange market and of the intervention of the central bank with the foreign exchange market from January 1994 to September 2014.The paper also calculates the indicator of the capital account openness in China. And then, the paper makes an empirical research on the changing course of these three indexes and their relationship. The research finds that since the foreign exchange reform, at the same time of the appreciation of RMB, the control on the capital account has been gradually loosened in China, the balance of payments has gradually developed balancedly, the pressure on RMB appreciation has greatly alleviated, and the central bank has reduced the overall intervention with the foreign exchange market.