1、外文原文：http:/ 4480 字 本科毕业设计（论文） 外文翻译 题 目 姓 名
2、 专 业 国际经济与贸易 学 号 &nbs
3、p; 指导教师 二 一三年五月 出处： China Ec
4、onomic Review Volume 14, Issue 3, 2003, Pages 246 280 Chinas foreign exchange policies since 1979: A review of developments and an assessment LIN Guijun Ronald M. SCHRAMM Abstract This paper takes a closer look at the process of Chinas foreign exchange reform since 1979. It describes major pol
5、icy changes, assesses their effects, and identifies challenges in furthering the process of capital account liberalization. The paper concludes that the core of China foreign exchange reform since 1979 has been a gradual transformation of its exchange allocation mechanism from one that was governed
6、by central planning to one in which market forces play a significant role. The entire reform process is characterized by substantial trade liberalization, initial official exchange rate adjustments, exchange market development, easing restrictions for current international transactions, and the esta
7、blishment of a capital account control framework. China has moved to the last frontier of its exchange reform. Prior reforms had generally focused on the gradual liberalization of the current account and inward direct investment, aimed at strengthening the real sector and export capacity of the econ
8、omy. D2003 Elsevier Inc. All rights reserved. JEL classification: F31 Keywords: China foreign exchange； Reform； Capital mobility 1. Introduction After 18 years of persistent efforts, China achieved current account convertibility for its currency in December 1996. As the autho
9、rities started to plan the next phase of exchange reform, the Asian financial crisis occurred. The financial crisis reminded policy makers about the high risk of opening up the capital account without a sound financial system in Place. A cautious approach to capital account liberalization has gained
10、 even greater credibility. In the aftermath of the Asian financial turmoil, the Chinese authorities intensified their efforts to reform and strengthen the financial sector. In November 2001, China concluded its accession to the World Trade Organization (WTO). As the result of the negotiations, China
11、 has agreed to open domestic financial markets substantially to foreign investment. While detailed analysis is still needed to assess the implications of those commitments for the current capital control regime, pressure for capital account liberalization will certainly increase. China has moved to
12、the last frontier of its foreign exchange reform. Previous reforms have generally focused on gradual liberalization of the current account and inward direct investment, aimed at strengthening the real sector and export capacity of the economy, whereas the next phase of capital account liberalization
13、 tends to be closely related to the development of the domestic financial sector. China is faced with a formidable task of shaping its financial sector in a way that would sustain capital account liberalization. The purpose of this paper is twofold: First, it will describe the process of Chinas fore
14、ign exchange reforms as they unfolded since 1979； second, the paper will examine major policy changes and assess their impact on the economy. The paper is organized as follows: Section 2 briefly describes the pre reform foreign trade and exchange regimes to serve as a starting point for the paper； S
15、ection 3 discusses the 1979 external reform and the adoption of the internal settlement rate (ISR) from 1981 to 1984； Section 4 focuses on the rapid development of the foreign exchange swap market after the mid-1980s until 1993； Section 5 describes the market-oriented exchange reform in 1994 and add
16、itional measures taken to achieve RMB current account convertibility in late 1996； Section 6 describes the policy changes before and after the Asian financial crisis and points out the constraints of the financial sector for Chinas capital account liberalization； and Section 7 provides a summary and some concluding remarks. 2. The reform in 1979 and adoption of the ISR The first round of external reform started in 1979. The discussion in Section 2
