央行"8·11汇改"十年：人民币汇率双向波动，市场化程度显著提升

Core Viewpoint - The "8.11 Exchange Rate Reform" has become a significant milestone in China's financial reform history, marking a key point in the market-oriented process of the RMB exchange rate formation mechanism [1] Group 1: Economic Environment Before Reform - The international economic and financial environment was complex, with a clear recovery in the US economy and expectations of interest rate hikes by the Federal Reserve, leading to a strong dollar [3] - Emerging market currencies faced depreciation pressures, while the RMB's nominal effective exchange rate appreciated by 11.6% and the real effective exchange rate by 11.3% from July 2014 to July 2015 [3] Group 2: Restructuring of the Central Parity Rate - The central parity rate of the RMB had lost its authoritative status due to increasing deviations from market rates, necessitating a reform to enhance its market-based nature [4] - Starting from August 11, 2015, market makers were required to reference the previous day's closing rate and consider supply-demand conditions and international currency fluctuations, making the central parity rate more aligned with market realities [4] - The reform aimed to strengthen the decisive role of market supply and demand in exchange rate formation and to correct deviations between the central parity and market rates [4] Group 3: Continuous Improvement of Marketization - Since the implementation of the "8.11 Exchange Rate Reform," the central bank has continuously improved the managed floating exchange rate system based on market supply and demand [5] - The RMB exchange rate has shown a dual fluctuation pattern, with significant increases in exchange rate elasticity and better functioning of macroeconomic stabilizers [5] - In the first quarter of the year, the RMB against the USD fluctuated between 7.1688 and 7.1891, with 28 days of appreciation and 29 days of depreciation, indicating a clear dual fluctuation characteristic [5] Group 4: Resilience of the RMB - In the context of dramatic changes in the external environment and global currency market volatility, the resilience of the RMB has exceeded market expectations [6] - The RMB appreciated slightly against the USD while maintaining stability in the CFETS basket of RMB exchange rate indices, supported by strong domestic macroeconomic policies [6]