Evaluation on the Reforming Performance of RMB Exchange Rate Based on the Flexibility of Exchange Rate

According to the perspective of policy flexibility, this paper analyzes the impact of exchange rate fluctuation on the exporting under two different exchange rate systems via related theories and compares the reforming performances after two exchange rate reform that occurred in 1994 and 1995 separately. As the empirical results shows, the exchange rate of pegging “a package of currencies”, which should be steadily proposed in China, have a more flexible formation and transmission mechanism.