School News Network (Contributed by the School of Finance)At 18:30 pm on April 22, the special lecture of the 18th Financial Culture Festival of Han Association of Teachers was held in the International Lecture Hall on the third floor of the Integrity Building. The event invited members of the 40-person Youth Forum of China Finance, the R&D director of China Construction Bank Financial Asset Investment Company, and a former alumnus of the 99-level finance major of China Finance Academy.

At the beginning of the event, Senior Han Huishi signed the scroll "Golden past is waiting, Zheng Rong is expected" as a souvenir.

Mr. Han Huishi gave a wonderful lecture on the theme of "Looking at policy choices in complex environments from the RMB exchange rate". During the lecture, he put forward the wonderful view that "policy choice is often 'one step hell, no heaven'" and explained the complex impact of policy choices in the foreign exchange market.

Mr. Han Huishi began from the RMB exchange rate trend and explained in detail the risk of capital flight brought about by the continuous appreciation of the RMB and the necessity of RMB depreciation. After introducing the three depreciation options of one-time depreciation, continuous and slightly depreciation, and step-by-step depreciation, he demonstrated the infeasibility of one-time depreciation to an equilibrium exchange rate, and demonstrated the role of policy guidance on the depreciation of the RMB and the importance of stability of foreign capital reserves through the "8.11" exchange rate reform.

At the end of the lecture, Mr. Han Huishi summarized: The equilibrium exchange rate is elusive, the regulation of the foreign exchange market will not disappear, and a managed floating exchange rate system may be the institutional choice for at least the next decade.

During the questioning session, the students spoke actively and the atmosphere was lively. Some students mentioned the view that "the internationalization of the RMB requires the lifting of foreign exchange controls". Mr. Han Huishi took Hong Kong as an example and said that even if the foreign exchange control is lifted, the foreign exchange situation should be influenced through other methods to ensure that its prices do not deviate too much from the overall market price level.

Through Mr. Han Huishi's wonderful lecture, the students present had a deeper understanding of the changes in the RMB exchange rate under the guidance of policies, and established a comprehensive understanding of the situation of my country's foreign exchange market, which benefited a lot.