俄罗斯转型时期的宏观经济波动与汇率制度安排之间存在着密切的关系。本文在评述新兴市场经济国家汇率制度选择困境和概述俄罗斯汇率制度演变的基础上，从汇率与通货膨胀、汇率与对外贸易、汇率与资本流入、汇率与外债规模结构变动等方面分析了汇率制度安排及汇率变动的宏观经济效应，并简要总结了俄罗斯的实践对中国的启示。

During the Russian transition period, a close relationship exists between macroeconomic volatility and exchange rate system. This paper firstly reviews the dilemma of the exchange rate system in the emerging market economies, and overviews the evolution of Russia's exchange rate system. Then, this article analyzes the exchange rate system arrangements and the macroeconomic effects of exchange rates changes from the perspectives of exchange rates and inflation, exchange rates and foreign trade, exchange rates and capital flows, exchange rates and foreign debt scale structure. Finally, this article makes a brief summary of the enlightenment of Russian experiences to China.