人民币汇改进程一直未曾间断。8月11日，中国央行意外宣布完善中间价定价机制，将上一交易日即期汇率收盘价、外汇市场供求状况以及国际主要货币汇率变化作为中间价定价的主要参考标准。受此影响，离岸人民币兑美元即期汇率也发生大跌，跌幅达1.87%，创下1994年人民币官方与市场汇率并轨以来的最大单日跌幅,引发全球市场连锁性反应。

然而，这种汇率下跌并不能理解为一般意义上的货币贬值。人民币汇率形成机制一直是阻碍中国资本项目开放、人民币国际化和增强货币自主权的关键因素。由于此前人民币汇率中间价的非市场化定价以及汇率涨跌幅限制的存在，汇率价格不仅不能真实反映市场供求关系，人民币盯住美元机制安排也使得央行一直处于被动的困境。在中美金融周期和货币周期大分化的背景下，人民币兑美元及其他货币持续被动升值已经成为中国经济不可承受之重。因此，打破单边被动升值的魔咒，完善人民币汇率形成机制，增强人民币汇率弹性势在必行。

数据显示，自2005 年7 月21 日人民币一次汇改至2015年8 月10 日，人民币对美元升值29.3%，对欧元升值47.98%，对日元升值49.26%。2015年7月人民币实际有效汇率与名义有效汇率指数均大幅上涨，双双创历史新高。其中，人民币实际有效汇率指数累计升值4.57%，人民币名义有效汇率指数累计升值4.88%。在国际清算银行监测的61种货币中，人民币名义和实际有效汇率升幅分别排国际清算银行监测货币的第一和第二位。

因此，此次对汇率中间报价作出调整，是汇率形成机制市场化的重要一步，意义绝不仅仅是眼前利益的评估。从政策效果而言，不可否认人民币中间价报价机制改革在弱化人民币盯住美元安排，尝试脱钩美元的同时，的确会放大人民币汇率波动幅度，但这与持续性货币贬值有本质区别。

一方面，汇改新政有利于减少汇率行政干预，提高汇率弹性，消除“双层体系”（即已经在香港和其他境外“离岸市场”形成的另一个不同于中国内地“在岸”市场的交易规则和汇率价格），使受到严格管制的人民币对市场做出更灵敏的反应。作为汇率改革的下一步，央行可能在未来面向合格境外主体扩大在岸外汇市场的准入程度，加强在岸与离岸市场间的联系，促进形成境内外一致的人民币汇率。

而另一方面，此次汇改也有助于一次性消除中间价的政策性扭曲，推动人民币与美元汇率中间价接近市场均衡价格。特别是此次没有选择持续贬值而是采取一次性大幅贬值，也充分体现了央行在长期被动中换取短期主动的举措，是短期对人民币过度升值、回归合理币值的较正。

此外，迈向更为市场化的汇率形成决定机制也是人民币加入IMF特别提款权（SDR）货币篮子的前提和先决条件。IMF关于中国经济的“第四条款磋商”年度报告指出，人民币实际有效汇率在过去一年里大幅升值，当前人民币币值不再被低估。

所有的改革都会付出风险和代价。人民币汇改新政也不例外。直接的影响就是货币贬值引发的资本外流和外债风险的提高。数据显示，7月份，中国金融机构口径外汇占款下降了2491亿元，央行口径外汇占款下降了3080亿元。从绝对流出量来看，两个口径的外汇占款都创造了历史上最大的单月流出量。与此同时，人民币快速贬值也大大提高了中国海外债务的风险。以2014年末，中国对外负债46323亿美元，按货币贬值幅度计算，几天之内外债就增加了2300多亿美元。

中国新汇改必须持续取得可信度，而非短期功利主义的考虑。从货币立场看，兼顾汇率市场供求与篮子货币汇率，引导市场预期，维持人民币汇率稳定是中国央行的主要目标，中国不会成为“全球货币战”的追随者，也不会任由货币进一步大幅贬值。人民币汇率保持长期稳定，期间双向波动，对于维持金融资产价格，防范大规模资本外流，控制海外负债风险，降低债务融资成本和负担，以及稳定经济增长预期都是有利的，符合当前中国战略利益，更符合人民币国际化的长远目标。

The RMB exchange rate has always been in the process of reform. On August 11, China's central bank unexpectedly announced its perfection of a midpoint rate determination mechanism, which takes as main references the closing rate of the previous day, the demand and supply of the foreign exchange-rate market as well as the exchange rate of the world's major currencies. Affected by this, the offshore RMB spot rate against the dollar fell sharply by 1.87%, the biggest one-day fall since the official and the market RMB exchange rate converged in 1994, causing a ripple effect in the global market.

However, this exchange-rate fall should not be interpreted as normal currency depreciation. The formation mechanism of the RMB exchange rate has been the key factor that impeded the openness of the Chinese capital account, RMB internationalization and the enhancement of monetary sovereignty. Because of the previous non-market-oriented determination of the midpoint RMB exchange rate and the restricted floating ranges of the RMB exchange rate, that rate not only failed to reflect the real market supply and demand but also the RMB's peg to the US dollar put China's central bank in a passive dilemma. Under the major differentiation of the Chinese and the US financial cycle and the currency cycle, the continued passive appreciation of the RMB against the US dollar and other currencies has been a heavy burden for Chinese economy. Thus, it is imperative to break the “spell” of unilateral and passive appreciation, improve the RMB exchange rate formation mechanism and enhance the flexibility of the RMB exchange rate.

Data show that since the first RMB exchange rate reform from July 21, 2005 to August 10, 2015, the RMB had appreciated 29.3% against the US dollar, 47.98% against the euro and 49.26% against the Japanese yen. The real effective and nominal RMB exchange rate indexes in July 2015 all rose sharply, both creating a new high in history. The real effective RMB exchange rate index grew by 4.57% while the nominal RMB exchange rate index rose by 4.88%. Among the 61 currencies monitored by the Bank for International Settlements, the growth of nominal and real effective RMB exchange rates ranked first and second respectively.

So, the adjustment of an RMB reference rate setting is an important step towards a market-oriented exchange rate mechanism, the significance of which cannot be simply evaluated in terms of immediate interests. From the perspective of policy effect, the reform of RMB reference rate setting mechanism weakened RMB's peg to the US dollar. Although de-pegging the US dollar can enlarge the floating range of the RMB exchange rate, it is different from the continued currency depreciation in nature.

On the one hand, the new policy of RMB exchange rate reform helps to reduce administrative interference of the exchange rate, to increase exchange rate flexibility and to eliminate the “two-tiered system” (another trading rule and exchange rate that are formed in Hong Kong and overseas “offshore market” and different from the Chinese mainland's “onshore market” trading rule and exchange rate), allowing the tightly controlled RMB to make a more flexible response to the market. As the next step of the exchange-rate reform, China's central bank is likely to enlarge the onshore exchange rate market entry for the qualified foreign entities in the future, strengthen the ties between the onshore and offshore markets and promote the formation of an integrated RMB exchange rate both at home and abroad.

On the other hand, the exchange rate reform can also help eliminate the policy distortion of the reference exchange rate and make the midpoint exchange rate between the RMB and the US dollar close to a market equilibrium rate. Particularly during the reform, the choice of a one-time big depreciation rather than a sustaining depreciation fully shows that China central bank took a short-term active measure in its long-term passiveness. It is a correction of excessive RMB appreciation in the short-term to get the RMB back to the reasonable currency value.

Besides, marching towards a market-determined exchange rate mechanism is also a premise and precondition for the RMB to join the IMF Special Drawing Rights (SDR). IMF annual report of Article IV Consultation on China's economy points out that the real effective RMB exchange rate sharply appreciated over the previous year and the current RMB value was no longer underestimated.

All reforms will run risks and pay the price. The new RMB exchange rate reform policy is no exception. The direct impact is the capital outflow and the increase of foreign-debt risk caused by currency depreciation. Data show that, in July, Chinese financial institutions' caliber funds outstanding for foreign exchange dropped by 249.1 billion RMB, the central bank's caliber funds outstanding for foreign exchange dropped by 308 billion RMB. Judging from the absolute outflow, the two leading caliber funds for foreign exchange created the biggest monthly outflows in history. Meanwhile, the fast RMB depreciation also greatly increased the risk of Chinese overseas debt. At the end of 2014, the total Chinese foreign debt, valued at $4,632.3 billion, rose by more than $230 billion within several days because of the RMB depreciation.

China's new exchange-rate reform must constantly obtain credibility without the short-term utility. From the monetary point of view, considering the exchange-rate market supply and demand, and the exchange rates of the IMF basket of currencies, guiding the market anticipation to maintain the RMB exchange rate stability are the main goals of China's central bank. China will neither be a follower of a “global currency war” nor let its currency continue to depreciate sharply. A long-term stable RMB exchange rate with a two-way volatility is conducive to maintaining the financial asset price, to preventing a large-scale capital outflow, to controlling foreign-debt risk, to reducing the cost and burden of debt financing and to stabilizing economic growth anticipation. It conforms to the present Chinese strategic interests and very much to the long-term goal of RMB internationalization.