中文摘要：

踏入21世纪,全球经济不平衡持续扩大,以美、日为首的西方国家纷纷指责中国当局＂操纵＂人民币汇率,人民币汇率不够灵活,导致人民币币值严重低估。本文结合＂操纵汇率论＂的历史进行分析表明人民币不存在＂汇率操纵＂;并指出汇率灵活性的最重要意义在于避免汇率失调,通过分析与比较各种汇率制度在该方面的优缺,表明人民币汇率还是比较灵活的。

英文摘要：

As the imbalance of global economy kept worsening in the 21 century, western countries, led by America and Japan, accused China of manipulating RMB exchange rate and maintaining inflexible exchange rate regime. Through analyzing the history of RMB ＂exchange rate manipulation＂, this paper shows that the allegation is completely unreasonable. It points out that the goal of exchange rate flexibility is to avoid exchange rate misalignment. And after comparing the advantages and disadvantages between different exchange rate regimes, it reveals that current RMB exchange rate is flexible.