The thesis analysed on the fact that it is no good to have the fixed exchange rate regime so far as the economic leverage is concerned . moreover , we are not yet ready for floating exchange rate regime . so we have to take a " middle way " between the fixed and floating rate 本论文重点分析了在中国金融进一步开放中，实施固定汇率制不利于发挥汇率的经济杠杆作用，而实施浮动汇率制的条件又不具备，只能选择介于固定与浮动两极之间的“中间汇率安排” 。
Today the east asian small economies display a series of economical characteristics , like common economical cycle and revaluation pressure , rapid growth in net export and foreign exchange reserves , etc . these characteristics , together with the trends of us economy and us dollar , have showed some implication : has east asian countries returned to us dollar pegging system 今天东亚小型经济体所表现出来的一系列经济特征,如共同的经济周期与升值压力、飞速增长的净出口与外汇储备等。将这些特征与美国近几年的经济走势、美元的下跌联系起来,很容易产生怀疑:东亚国家又回到钉住美元的汇率安排了吗
On this basis , the text researches the present situation issue of rmb under the cooperative pattern of east asian currencies : probing into self - realization of contagious devaluation " . after one currency devalued in area , especially as one of international reserve currency japan yen devaluing , it can damage growth and stability of domestic economy if rmb continuously maintains to peg the u . s . dollar . and the current bilateral swap arrangement in east asia further falls china into predicament 在此基础上，重点研究了当前东亚货币合作格局下人民币的处境问题：探讨了东亚货币危机“传染性贬值”的自我实现性；当区域内某一货币贬值后，特别是作为国际储备货币之一的日元贬值后，人民币继续维持钉住美元的汇率安排会损害国内经济的增长与稳定；而现行的东亚双边货币互换合作机制的缺陷，进一步陷中国于困境。
The world economy development has slowed down since 2001 and 9 . 11 incident has accelerated its decline . just at that time , china entered wto . after entering wto , china will widen and accelerate its open to the world , which means that chinese exchange rate arrangement is faced with new challenge 2001年以来，世界经济发展速度持续放缓， 9 . 11事件更是加速了世界经济的衰退，在这个时候我国加入了世界贸易组织，我国的对外开放程度将加大，对外开放速度也将加快，我国的汇率安排面临着新的挑战。
This is the first question which this article wants to inspect , namely inquiring about east asian country exchange rate arrangement after crisis . if the east asian countries ’ exchange rate arrangement in fact returns to dollar pegging , then , what is the reason or constrains behind the choice of the monetary authority that make them to do this 如果东亚各国的汇率安排事实上是回到了钉住美元,或者说与美元联动的软钉住,那么,是什么原因,换句话说,是什么样的约束条件使得东亚各国不顾东南亚金融危机的前车之鉴而“毅然”回到钉住美元的这种缺乏灵活性与稳定性的汇率制度呢
Some developing countries1 suffering from speculative attacks suggest it ' s difficult to sustain medium exchange rate regime under high capital mobility , for some large countries such as mexico or china , managed floating may be feasible choice , and for some other small economies , they may willing to surrender their monetary independency by adopting super fixed arrangement such as dollarization 为了避免固定汇率受到冲击，发展中国家的选择不外乎有两种，经济规模较大的国家倾向于管理浮动，经济规模小的国家或许不得不接受货币局、美元化这样的汇率安排。
