中文摘要：

针对本轮全球性金融危机所启动的各项政策应对措施的效果差强人意。回顾最近两次危机过程中的人民币汇率政策行为，藉由贸易渠道所产生的实际产出影响，以及危机对中国汇率制度调整的反向影响，表明全球失衡需要货币与金融体系的全球性治理制度构建。造成全球失衡格局的本质因素远非通过简单的汇率调整可以改变。与各主要经济体的历史经验相似，中国的汇率体制变革亦有其外部性，需从更为广泛的全球角度加以认知与实施。其进程的推动力量不仅取决于国内外经济形势与环境，更需要包括中国在内的世界主要经济体在广泛领域内的经济与政治合作。

英文摘要：

The responses of the various polices for the current round global financial crisis are less desirable. It shows that the international monetary and financial systems are needed to be reconstructed in global imbalance by recalling the policies of RMB exchanging rate in recent two crises and the impact of the crisis on the Chinese exchanging system. The basic fac- tors caused the pattern of global imbalances couldnt be simply changed by adjusting the exchanging rate. The change of China~ exchanging rate regime has its externality with the similar historical experience of major economies which requires a broader global perspective to understand and implement. The driving force of the reformation process depends not only on domestic and international economic situation and environment, but also on the economic and political cooperation of China with the world＇ majosr economies.