人民幣匯改進程一直未曾間斷。8月11日，中國央行意外宣布完善中間價定價機制，將上一交易日即期匯率收盤價、外匯市場供求狀況以及國際主要貨幣匯率變化作為中間價定價的主要參考標準。受此影響，離岸人民幣兌美元即期匯率也發生大跌，跌幅達1.87%，創下1994年人民幣官方與市場匯率並軌以來的最大單日跌幅,引發全球市場連鎖性反應。

然而，這種匯率下跌並不能理解為一般意義上的貨幣貶值。人民幣匯率形成機制一直是阻礙中國資本項目開放、人民幣國際化和增強貨幣自主權的關鍵因素。由於此前人民幣匯率中間價的非市場化定價以及匯率漲跌幅限制的存在，匯率價格不僅不能真實反映市場供求關係，人民幣盯住美元機制安排也使得央行一直處於被動的困境。在中美金融周期和貨幣周期大分化的背景下，人民幣兌美元及其他貨幣持續被動升值已經成為中國經濟不可承受之重。因此，打破單邊被動升值的魔咒，完善人民幣匯率形成機制，增強人民幣匯率彈性勢在必行。

數據顯示，自2005 年7 月21 日人民幣一次匯改至2015年8 月10 日，人民幣對美元升值29.3%，對歐元升值47.98%，對日元升值49.26%。2015年7月人民幣實際有效匯率與名義有效匯率指數均大幅上漲，雙雙創歷史新高。其中，人民幣實際有效匯率指數累計升值4.57%，人民幣名義有效匯率指數累計升值4.88%。在國際清算銀行監測的61種貨幣中，人民幣名義和實際有效匯率升幅分別排國際清算銀行監測貨幣的第一和第二位。

因此，此次對匯率中間報價作出調整，是匯率形成機制市場化的重要一步，意義絕不僅僅是眼前利益的評估。從政策效果而言，不可否認人民幣中間價報價機制改革在弱化人民幣盯住美元安排，嘗試脫鉤美元的同時，的確會放大人民幣匯率波動幅度，但這與持續性貨幣貶值有本質區別。

一方面，匯改新政有利於減少匯率行政干預，提高匯率彈性，消除“雙層體系”（即已經在香港和其他境外“離岸市場”形成的另一個不同於中國內地“在岸”市場的交易規則和匯率價格），使受到嚴格管制的人民幣對市場做出更靈敏的反應。作為匯率改革的下一步，央行可能在未來面向合格境外主體擴大在岸外匯市場的准入程度，加強在岸與離岸市場間的聯繫，促進形成境內外一致的人民幣匯率。

而另一方面，此次匯改也有助於一次性消除中間價的政策性扭曲，推動人民幣與美元匯率中間價接近市場均衡價格。特別是此次沒有選擇持續貶值而是採取一次性大幅貶值，也充分體現了央行在長期被動中換取短期主動的舉措，是短期對人民幣過度升值、回歸合理幣值的較正。

此外，邁向更為市場化的匯率形成決定機制也是人民幣加入IMF特別提款權（SDR）貨幣籃子的前提和先決條件。IMF關於中國經濟的“第四條款磋商”年度報告指出，人民幣實際有效匯率在過去一年裡大幅升值，當前人民幣幣值不再被低估。

所有的改革都會付出風險和代價。人民幣匯改新政也不例外。直接的影響就是貨幣貶值引發的資本外流和外債風險的提高。數據顯示，7月份，中國金融機構口徑外匯占款下降了2491億元，央行口徑外匯占款下降了3080億元。從絕對流出量來看，兩個口徑的外匯占款都創造了歷史上最大的單月流出量。與此同時，人民幣快速貶值也大大提高了中國海外債務的風險。以2014年末，中國對外負債46323億美元，按貨幣貶值幅度計算，幾天之內外債就增加了2300多億美元。

中國新匯改必須持續取得可信度，而非短期功利主義的考慮。從貨幣立場看，兼顧匯率市場供求與籃子貨幣匯率，引導市場預期，維持人民幣匯率穩定是中國央行的主要目標，中國不會成為“全球貨幣戰”的追隨者，也不會任由貨幣進一步大幅貶值。人民幣匯率保持長期穩定，期間雙向波動，對於維持金融資產價格，防範大規模資本外流，控制海外負債風險，降低債務融資成本和負擔，以及穩定經濟增長預期都是有利的，符合當前中國戰略利益，更符合人民幣國際化的長遠目標。

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.