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In this paper, through the analysis of the RMB exchange rate reform process faced by commercial banks in the exchange rate risk, management status and problems and put forward recommendations to deal with exchange rate risks and countermeasures observations.

本文通过分析人民币汇率改革进程中商业银行面临的汇率风险、管理现状以及出现的问题,提出了应对汇率风险的建议性意见及对策。

With the main line of"why coordinates","whether coordinates"and"how coordinates", the dissertation expounds the predicament for East Asia in the choices of the exchange rate systems, analyzes the economic basis of the exchange rate coordination in East Asia, and preliminarily proposes the basic idea of the exchange rate coordination in East Asia.

全文以"为何协作"——"能否协作"——"如何协作"为主线,探究东亚区域汇率制度的选择困境,分析东亚汇率协作的经济基础,并提出东亚区域汇率协作的初步构想。

In essence the use of swap is to exchange models with plug-in board, the bus line with the same features with the models of the chip card or exchange, in accordance with the changes in failure to determine where fault.

采用拔插交换法实质上就是将同型号插件板,总线方式一致、功能相同的插卡或同型号芯片相互交换,根据故障的变化情况判断故障所在。

This paper is based on "Trilemma" which is induced from MF model. In order to overcome MF models inherent defects, this paper constructs a static model headed by government on choice of optimum exchange rate regime. Through the analysis of the model we can see that the choice of exchange rate regime is a dynamic process should be decided in real situation. No single exchange rate regime is right for all countries or at all time. Under certain condition intermediate regime may be the optimum one, but the possibility will decrease with the increase of international capital flow.

本文从蒙代尔——弗莱明模型精炼出的"三元悖论"出发,为了克服其内在的缺陷,构建了一个政府主导的静态最优汇率制度选择模型,模型分析表明:汇率制度选择是一个动态的相机决策过程,没有哪一种汇率制度对所有国家或某一国的所有时期都适合;在一定条件下,中间汇率制度可能是最优汇率制度,但是其可选择的区间随着资本流动程度的加大而缩小,最终最优汇率制度将内生的向两极分化。

China has been the first biggest foreign exchange reserved country in the world. With increase of foreign exchange reserve, for the stable of RMB valuta and relieve the international upvalue stress from foreign exchange market for foreign supply is more than need, central bank have to purchase foreign currency for forming huge money supply amount and increase inflation stress.

随着外汇储备的增长,为了维持人民币币值的稳定,减轻外汇市场上由于外汇供给大于需求而产生的人民币升值压力,央行不得不购进外汇,投放基础货币,从而使外汇占款大幅增加,形成巨大的货币供应量,加大通货膨胀的压力。2004年物价的大幅上涨,和外汇储备的快速增长密不可分。

The composition of the dissertation is arranged with five chapters.Chapter One is the legal expounding for the course o...f securities exchange. From a new perspective of contract law and reviewing the development of securities exchange system, the dissertation explores the whole process of securities exchanging on the basis of the introduction of the basic course of securities exchange in our nation and veining from contracting to performing, then it points out that the legal nature of the securities exchanging course is a special commercial sales contract which sets the securities as the object, so the analysis of this chapter provides a technical platform for the following analysis.

本文的主体部分结构框架安排如下:第一章是对证券交易流程的法律解释,本章站在全新的合同法视角上,通过对证券交易制度变迁的回顾,在介绍我国证券交易基本流程的基础上,以从缔约到履约为脉络,分析了证券交易的全过程,并进而指出证券交易流程的法律本质就是以证券为标的物的特殊商事买卖合同,从而为全文的分析搭建了一个技术平台。

II.If, when the securities exchange decides to suspend, resume or terminate the listing, an auditing report is made by a certified accountant with explanatory notes such as unpreserved opinions, preserved opinions, negative opinions or refusal to express opinions for the accounting report (hereinafter uniformly referred to as "auditing report of unstandard and unpreserved opinions") in the regular report on which the above said decision is based, the securities exchange may organize an experts' committee to make an independent professional judgment on the major accounting treatment issues which are involved in and will affect the authenticity of profitability of the auditing report of non-standard and unpreserved opinions, and the securities exchange may make corresponding decisions on the basis of the opinions of the experts' committee.

二、证券交易所在作出暂停上市、恢复上市或终止上市决定时,如果所依据的定期报告中的财务会计报告被注册会计师出具带解释性说明段的无保留意见、保留意见、否定意见或拒绝表示意见的审计报告(以下统称&非标准无保留意见审计报告&)的,证券交易所可以组织专家委员会,对非标准无保留意见审计报告中所涉及的、影响盈利真实性的重大会计处理问题,作出独立的专业判断,证券交易所可以依据专家委员会的意见作出相应决定。

The OTC gold trading volume in gray market outnumbers on-exchange trade in China to a substantially greater extent, and the gray market today also possibly doesn't compare unfavorably with Shanghai Futures Exchange and Shanghai Gold Exchange combined in terms of gold trading volume.

我国场外的灰色黄金交易量远远大於场内交易。而就是今天,我国场外黄金的灰色交易量可能也不会比期交所与金交所交易总量少。

The OTC gold trading volume in gray market outnumbers on-exchange trade in China to a substantially greater extent, and the gray market today also possibly doesn't compare unfavorably with Shanghai Futures Exchange and Shanghai Gold Exchange combined in terms of gold trading volume.

我国场外的灰色黄金交易量远远大于场内交易。而就是今天,我国场外黄金的灰色交易量可能也不会比期交所与金交所交易总量少。

This paper is composed of four parts: the first part is the exordium and explain the developing trend of researches of exchange rate volatility, the second part introduce the data that used in this article and describe the character of the object, the third part simulate the daily exchange rate of the ShangHai Stock Composite Price Index with ARCH models, the fourth part forecast the volatility of the daily exchange rate.

全文共分为四个部分:第一部分阐述了关于收益率波动研究的发展趋势,并总结了国内外基于ARCH 模型的一些实证研究成果;第二部分介绍了本文研究所使用的数据及处理方法,并对该数据的统计特征进行描述;第三部分引入ARCH 族模型对上证指数的日收益率序列进行拟合研究,通过拟合不同的模型揭示了日收益率波动过程中条件异方差的波动特征,定量的刻画了收益率波动的不确定性;第四部分将拟合的模型应用于对收益率波动的预测,分别从定性预测和定量预测两个角度介绍ARCH 族模型的应用实例。

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