中文摘要：

采用汇率弹性指数对人民币和马来西亚林吉特汇率弹性进行分析表明，汇率制度改革后．人民币和林吉特的汇率弹性有所增大，但是货币当局也在力图控制本币的升值趋势。采用G—R模型进行分析表明，中国和马来西亚本币升值压力是国内货币市场失衡的结果。汇率制度改革之后，两国外汇市场面临着更大的升值压力。分析还表明，如果外汇市场升值压力用汇率调整的方式吸收．外汇市场所面临的升值压力会减小．货币政策独立性会增强。

英文摘要：

An analysis of indices of the exchange rate flexibility of Renminbi and Malaysian Ringgit indicates that, after the exchange rate regime reform, the exchange rate flexibility of Renminbi and Ringgit have increased, but both authorities endeavored to contain appreciation tendency. The application of the G-R model indicates that, the appreciation pressures of Renminbi and Ringgit come from unbalance of monetary markets. Furthermore, after exchange rate regime reform, both countries faced with higher appreciation pressures. The analysis also indicates that, if the exchange market appreciation pressure was absorbed by adjustment of exchange rate, the foreign exchange market appreciation pressure could be reduced, and monetary policy＇s independence could be strengthened.