人民币升值--挑战与机遇并存的国际博弈

人民币升值在短期内是不现实的，但从长远看客观存在的人民币升值的内外压力必将使人民币升值由预期转化为现实。人民币升值是挑战与机遇并存的博弈，理性地对人民币升值的时机、方式、制度安排等早做研究，将有助于我国在这一未来最大的国际金融政策的博弈中胜出。

RMB''''s Appreciation--A Global Game with Coexisting Chance and Challenge

The discussion of RMB's appreciation is a hot topic recently. Although the monetary authority has clearly stated that the near future RMB's appreciation is impossible, it is still necessary to have a deep analysis on this issue. The objectively existed internal and external pressure will turn the expectation into reality. RMB's appreciation is a game with both chance and challenge, thus an rational research on the timing, means and institutional arrangement for RMB's appreciation will be precautionary helpful for our success in the biggest game of future international financial policy.