<section data-role="paragraph" class="_135editor" style="max-inline-size: 100%; margin: 0px; padding: 0px; border: 0px none; z-index: 0; overflow-wrap: break-word !important; outline: none 0px !important;"><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　1、最新政策</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　5月6日李克强总理主持召开国务院常务会议，研究部署2013年深化经济体制改革重点工作，其中：</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　(三)稳步推出利率汇率市场化改革措施，提出人民币资本项目可兑换的操作方案。</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　5月底，市场广为流传一份有央行背景的研究报告《新形势下对外开放的战略布局》，其中建议：制定并公布人民币可兑换的路线图、时间表，明确2015年末实现可兑换。</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　2、政策组合的转变</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　当前：“有管理的浮动汇率制度”+“资本项目管制”。</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　未来：&nbsp; “自由浮动汇率制度”+“资本项目可兑换”。</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　如何过渡?</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　5月29日，国际货币基金组织发布“与中国第四条款讨论”中提及：人民币相对于一篮子货币中度低估。</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br style="max-inline-size: 100%; margin: 0px; padding: 0px; overflow-wrap: break-word !important; outline: none 0px !important;"></p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; line-height: 1.75em; overflow-wrap: break-word !important; outline: none 0px !important;">　　回归均衡汇率的主要方法：试错法。</p><p style="max-inline-size: 100%; margin-bottom: 0px; clear: both; min-height: 1em; cursor: text; overflow-wrap: break-word !important; outline: none 0px !important;"><br></p></section><p align="center"><img src="http://dayaotex-img.gz.bcebos.com/article/fffspic/rmbhl0013.png"></p><p align="center"><img src="http://dayaotex-img.gz.bcebos.com/article/fffspic/rmbhl0014.png"></p><p align="center"><img src="http://dayaotex-img.gz.bcebos.com/article/fffspic/rmbhl0015.png"></p><p align="center"><img src="http://dayaotex-img.gz.bcebos.com/article/fffspic/rmbhl0016.png"></p><p align="center"><img src="http://dayaotex-img.gz.bcebos.com/article/fffspic/rmbhl0017.png"></p><p align="center"><br></p>