Explicação da taxa de câmbio flutuante

A taxa de câmbio flutuante é um sistema de gestão cambial adotado por um país ou região em que a taxa de câmbio em relação a outras moedas é determinada pela oferta e demanda do mercado e pela força do mercado cambial, permitindo que a taxa de câmbio flutue livremente dentro de um determinado intervalo. Em comparação com o sistema de taxas de câmbio fixas, sob a taxa de câmbio flutuante, a taxa de câmbio pode flutuar com mudanças na demanda e oferta do mercado, refletindo diferentes fatores econômicos e influências políticas.

A taxa de câmbio flutuante significa que o país não regula o intervalo de flutuação da taxa de câmbio, mas permite que ela flutue livremente de acordo com a oferta e demanda do mercado cambial. Após a Primeira Guerra Mundial, as moedas dos principais países do mundo romperam com o sistema padrão ouro e implementaram um regime de taxa de câmbio flutuante de curto prazo.

After the collapse of the Bretton Woods system in 1973, countries around the world generally implemented floating exchange rates, which can be divided into free floating and managed floating.

Free floating is also called clean floating, which means that a government does not take any measures to prevent currency intervention and completely allows free floating.

Managed floating is also called dirty floating, that is, the Exchange rate regime in which the government intervenes under certain circumstances in order to keep its exchange rate relatively stable and avoid excessive fluctuations.

The floating exchange rates currently implemented by most countries are managed.

From the perspective of floating, the Floating exchange rate can be divided into three categories: single floating, joint floating, and pegging policy.

A single float refers to the situation where the domestic currency does not have a fixed price relationship with any foreign currency and floats separately according to supply and demand in the foreign exchange market, with the US dollar, Japanese yen, and other currencies floating separately.

Joint floating refers to the adoption of fixed exchange rates between currencies within a group of countries, setting the upper and lower limits for exchange rate fluctuations, and the obligation of the monetary authorities of each country to maintain a fixed exchange rate for currencies within the group while allowing other currencies outside of member countries to freely float.

The member states of the European Economic Community adopt the method of joint floating.

The implementation of peg policy refers to a floating Exchange rate regime that pegs a major currency, special drawing right, or European Currency Unit, fixes its exchange rate, and floats other currencies according to the fluctuation of major currencies.

At present, many developing countries have adopted a pegged policy. In addition, there is an Exchange rate regime adjusted according to a set of indicators.

Under the Floating exchange rate, market supply and demand determine the change of the exchange rate, which means that the exchange rate will fluctuate according to the transactions in the foreign exchange market and the investors' demand for money and the demand for hedging risks. If a country's economic growth is strong and capital inflows increase, it will lead to the appreciation of the country's currency. On the contrary, if a country's economy faces difficulties and Capital outflow increases, this will lead to the devaluation of the country's currency.

The advantage of the Floating exchange rate is that it can automatically adjust the exchange rate to respond to changes in the economic environment. It can help countries maintain competitiveness under external shocks and reduce dependence on foreign exchange reserves. In addition, the Floating exchange rate can also provide market signals, reflecting the health of the economy and market expectations.

No entanto, a taxa de câmbio flutuante também apresenta alguns desafios e riscos. Ovolatilidade das taxas de câmbio pode desencadear comportamento especulativo e de mercadoinstabilidade, que pode ter efeitos adversos nas empresas e na economia. EmAlém disso, a taxa de câmbio flutuante pode levar a incertezas sobre a inflação,comércio internacional e investimento.

Em uma palavra, a taxa de câmbio flutuante é uma gestão cambialsistema, e sua taxa de câmbio em relação a outras moedas é determinada poroferta e demanda do mercado e forças de mercado cambial. Podeajustar automaticamente as taxas de câmbio para refletir mudanças na economiaambiente, mas também enfrenta alguns desafios e riscos.