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After the publication of this Announcement, the measures for the administering the floating range of trading price of the US Dollar against the RMB in the inter-bank spot foreign exchange market and the spread of US Dollar exchange rate quotation of the banks to their clients will not be changed, and the Circular concerning Further Improving the Administration of Trading Exchange Rates in the Inter-bank Foreign Exchange Market and the Exchange Rate Quotations of Foreign Exchange Designated Banks (Yin Fa [2005] No. 250) as promulgated by the People's Bank of China on 23 September, 2005 is still applicable thereto.

本公告公布后,银行间即期外汇市场人民币兑非美元货币交易价的浮动幅度和银行对客户美元挂牌汇价价差幅度管理办法不变,仍按2005年9月23日中国人民银行发布的《中国人民银行关于进一步改善银行间外汇市场交易汇价和外汇指定银行挂牌汇价管理的通知》(银发〔2005〕250 号)规定执行。

The stiff exchange rate regime in China before the reform of RMB exchange rate regime on July, 21, 2005 - little volatility of RMB exchange rate, the inconvertibility of RMB under the capital account are the major factors and the lack of effective historical data which are responsible for limits on the research in this regard. The real exchange rate of RMB, therefore, is chosen as the objective of this study.

首先,文章对汇率的理论研究进行了回顾,提出了使用时间序列的一元自回归模型,然后,在对实际汇率的理论研究,以及人民币实际汇率本身所具有的特点进行分析的基础上,选择使用线性自回归模型和非线性的制度转换模型中的自我激励门限自回归模型和平滑过渡自回归模型来描述实际汇率的动态行为特征。

It's whole content is mainly about the following seven questions:the definition of "fair value",the entry price of the asset received in non-monetary transactions,the formula of judge in non-monetary transactions,the question of whether the exchange of the labour service could be listed in the range of non-monetary transactions,the standard to judge the asset-held-for-sales and assets-not-held-for-sales,the rationality of the unfulfilled exchange of dissimilar non-monetary assets is regarded as the exchange of similar, the rationality of non-monetary transactions related to several assets is regarded as exchange of similar.

全篇主要讨论了"公允价值"的定义,非货币性交易中换入资产的入帐价值,非货币性交易判别公式,劳务交换是否可以纳入非货币性交易范畴,待售资产与非待售资产的判定,未实现最终交换目的的不同类交换视为同类交换是否合理,涉及多项资产的非货币性交易均视为同类交换其合理性等七个问题。

If two parties want to sign a contract C over a communication network, they must "simultaneously" exchange their commitments to C Since simultaneous exchange is usually impossible in practice, protocols are needed to approximate simultaneity by exchange partial commitments in a piece by piece manner The party of secondly sending commitments may have a slight advantage; a "fair" protocol must keep this advantage within acceptable limits The protocol for signing a contract is improved based on the research result of secure multiparty computation In this protocol, the parties obliviously transfer the signed bit and the committed bit; the other parties can prove the validity of this bit based on the confirming sub protocol, but he can't gain more information about the whole signature by accumulating the signed bit or the committed bit After the parties exchange the whole signed information, they declare the commitment about the signature respectively, and gain the whole signature of the other party At this moment, the party doesn't care about the advance quit of the other party, because he has gained the whole signed information Finally, it is proved that this protocol is quit fairness

作者中文名:曲亚东;侯紫峰;韦卫摘要:在网络环境中解决合同签订问题需要保证信息交换的同时性,以前提出的协议都会给第2个发送者部分计算特权,利用不经意传输协议则可以解决这个问题。在协议执行过程中,参与者将合同的签名位以及他对签名位的承诺不经意传输给对方,对方可以利用验证子协议证明该位的有效性,但是他却不能通过位交换次数的增加获取更多的完整签名的信息;在完成签名位的交换之后,参与者分别宣布承诺,并得到对方对合同的完整签名;在宣布承诺时,协议参与者已经获得全部的签名内容,要么是签名位,要么是对方对该位的承诺,因此参与者并不需要担心对方提前终止协议。在文章的最后利用多方安全计算的结论证明了该协议满足终止公平性。

If two parties want to sign a contract C over a communication network, they must "simultaneously" exchange their commitments to C Since simultaneous exchange is usually impossible in practice, protocols are needed to approximate simultaneity by exchange partial commitments in a piece by piece manner The party of secondly sending commitments may have a slight advantage; a "fair" protocol must keep this advantage within acceptable limits The protocol for signing a contract is improved based on the research result of secure multiparty computation In this protocol, the parties obliviously transfer the signed bit and the committed bit; the other parties can prove the validity of this bit based on the confirming sub protocol, but he cant gain more information about the whole signature by accumulating the signed bit or the committed bit After the parties exchange the whole signed information, they declare the commitment about the signature respectively, and gain the whole signature of the other party At this moment, the party doesnt care about the advance quit of the other party, because he has gained the whole signed information Finally, it is proved that this protocol is quit fairness

在网络环境中解决合同签订问题需要保证信息交换的同时性,以前提出的协议都会给第 2个发送者部分计算特权,利用不经意传输协议则可以解决这个问题在协议执行过程中,参与者将合同的签名位以及他对签名位的承诺不经意传输给对方,对方可以利用验证子协议证明该位的有效性,但是他却不能通过位交换次数的增加获取更多的完整签名的信息;在完成签名位的交换之后,参与者分别宣布承诺,并得到对方对合同的完整签名;在宣布承诺时,协议参与者已经获得全部的签名内容,要么是签名位,要么是对方对该位的承诺,因此参与者并不需要担心对方提前终止协议在文章的最后利用多方安全计算的结论证明了该协议满足终止公平性1 引言两个参与者A和B想要通过网络协商签订合同C 为了保证公平性,参与者必须同时交换自己对合同的签名,然而在实际的网络环境中,想要完全同时地交换对合同的签名是不可能的,他们必须将签名分成若干块依次地执行,以保证大致的同时性但是这种方法依然存在着问题

His major works and commissions include: ' Three Temperaments , for Big Choir ' (1986), ' Counterpoint of Times , for woodwind septet ' (1989), ' Wild Children , for mixed Chamber Ensemble ' (1993), ' Overture , for solo Chinese bass drum and Chinese winds and percussion band ' (1994), ' Intonation , for chamber orchestra ' (1990-1994), ' Flavour of Bashu , for two violins, piano and percussion ' (1995), ' Pole , for solo Chinese Yun-luo, Chinese pai-gu and Chinese bass drum with six percussionists ' (1996),commissioned by Japan Asian Percussion Ensemble, ' Symphonic Prelude --- Bashu Capriccio' (1996), 'The Song Without Words , for solo percussion ' (1997), commissioned by the Ministry of Culture of Japan, Japanese Contemporary Music Association, and Japanese Embassy in China,'Illusions of the Symphonic Stage of Tang Dynast y , for orchestra of Tang Dynasty, percussion, voices and a big choir '(1999), commissioned by Japanese No Music Guanshiliu Green Spring Association, Chinese Music Research Center in Japan, Japanese Asian Percussion Ensemble and Japanese-Chinese Cultural Exchange Association,'The Prospect of Colored Desert , for violin, cello, sheng, pipa and percussion '(2000),commissioned by Yo-Yo Ma, Silk Road Project Inc. of the U.S., Sony Record,'Three Movements of Autumn , for small Chinese instruments ensembl e'(2000) and ' Sound Games , for 5 Chinese Percussion Instruments Players ' (2000-01), commissioned by La Cité de la Musique, Paris "2000 Chinese Classical Music Series", ' Fusion I , for Mixed Chamber Ensemble ' (2002), commissioned by Holland New Ensemble and Atlas Ensemble, ' Fusion II , Concerto for Solo Chinese Percussion and Orch.' (2002), commissioned by Japanese–Chinese Committee of Friendship and Public Music Performance, and ' Fusion III , for Irish flute, accordion, bodhran, Chinese sheng, zheng, Percussion and 13 Strings with Chamber Choir.' (2003-04), commissioned by China-Ireland Exchange Program, ' The Three Images from Washing Painting , for chamber ensemble of 17 players '(2005) commissioned by the New Juilliard Ensemble for the special concert of the Juilliard Centennial and sponsored by Asian Cultural Council and the Guggenheim Partnership and 'The Butterfly Dream', new 7 scenes Opera inspired by KUN QU' (2007) commissioned by the Contemporary Legend Theatre, Taiwan etc.

主要作品及委约包括:《三种气质,无伴奏合唱》(1986)、《时间的对位,木管七重奏》(1989)、《野娃子,混合室内乐队与童声》(1993)、《对话,男声独唱,女高音,童声合唱团,混声合唱团与混合乐队》(1993-94)、《序鼓,独奏中国大鼓、排鼓、云锣与中国民间吹打乐队》(1994)、《吟,室内交响乐》(1990-1994)、《蜀韵,两支小提琴、钢琴与打击乐》(1995)、《极,独奏中国云锣、大鼓、排鼓与六位打击乐演奏家》(1996)、《巴蜀随想,交响序曲》(1996)、《无词歌,打击乐独奏》(1997)(日本国文化厅、日本现代音乐协会、日本国驻中国领事馆等联合委约)、《梦的交响舞台,唐代乐队,打击乐,人声与合唱团》(1999)(日本能乐观世流绿泉会、日本中国音乐勉强会、日本亚洲打击乐团、日中文化交流协会等联合委约)、《舞蹈组曲,大型管弦乐队》(1999)、《漠墨图,小提琴、大提琴、笙、琵琶与打击乐》(2000)(马友友、美国丝绸之路文化发展公司、日本Sony唱片等联合委约)、《秋三阕,9位中国乐器演奏家》(2000)、《响趣,5位中国打击乐器演奏家》(2000)(法国巴黎音乐城"2000中国古典音乐系列音乐会"委约)、《融I ,混合室内乐团》(2002)(荷兰 New Ensemble, Atlas Ensemble联合委约)、《融II ,打击乐协奏曲》(2002)(日本日中友好音乐公演委员会委约)、《融III ,爱尔兰笛子、手风琴、巴朗鼓,中国笙、筝,打击乐,13件弦乐器以及室内合唱团》(2003-04)(爱尔兰国家文化委员会、爱中2004文化交流年组委会委约)、《水墨画意三则,为17位演奏家的室内乐团》(2005)(美国朱丽亚音乐学院新室内乐团委约,美国亚洲文化基金会和美国古根海姆基金支助)及《梦蝶,七场新昆剧》(2007)等。

Recently, the valuation of RMB becomes a hot topic in economics both domestically and internationally. This paper discusses about the selection of various currency exchange regimes and their future goals and prospects. The analysis starts from the introduction of the theory of exchange rates and the relevant economic factors that affect exchange rates. The analysis is based on the following theories: the theory of macro-stabilization policy in open economy, the Mundell-Fleming model, originated by Professor Robert A Mundell of the Department of Economics Columbia University, who also founded the theory of the optimum currency areas; another theory is the Trilemma by Paul Krugman. It is concluded that the current stable exchange regime serves as an important guarantee for the fast economic development in China.

面对"人民币是否应该升值"这个国内外经济界讨论的热点,本文从汇率决定理论及影响汇率制度的相关经济因素出发,引用了最优货币区域理论的首创者、美国哥伦比亚大学经济系教授罗伯特·A·蒙代尔的开放条件下宏观稳定政策的理论"蒙代尔—弗莱明模型"以及克鲁格曼的"三元悖论"等理论来探讨人民币汇率制度的选择及未来汇率体制的发展目标和前景,明确了目前稳定的人民币汇率体制是促进我国经济高速发展的重要保证。

So called "likely is" is for under the seriously restricted condition of simple labor and commodity exchange in the early days, both sides know about the approximate labor amount needed for producing the article for exchanging, so it is relatively easy to realize the equate labor exchange; So called "likely not" is for in the process of developed and complicated commodity exchange, it is very difficult for the dealers to compute the labor amount that includes in the article of other side, so the principle of equate labor exchange actually does not inheres the meaning that prevalently use, the comparing interests principle can be the principle that prevalently use, but the equate labor exchange principle just is a kind of special example of comparing interests principle.

所谓&似是&是因为在初期简单劳动及其商品交换的严格限制条件下,双方都知道要生产所交换的商品需要的大致劳动量,等量劳动交换的实现比较容易;所谓&而非&,则是因为在发达复杂的商品交换中,交换者很难统一计量出对方商品所包含的劳动量,等量劳动交换原则事实上就不具有普遍适用的意义。商品交换的比较利益原则才是普遍适用的原则,等量劳动交换原则只是比较利益原则的一种特例。

As to domestic sector, the author discuss the influences of different exchange rate regime on growth, inflation, economic stability and financial deepening, and agues that:(1) the relatively fixed exhange rate regimes are more pro-growth for emerging economies;(2) the relatively fixed exchange rate regimes can be useful for control of inflation in developing countries, but it can also be replaced by other monetary rules like inflaiton-targeting;(3) fixed exchange rate regime woulde better to deal with nominal shocks when floating exchange rate regime better to deal with real shocks, but both of them can not entirely insulate the external shocks;(4) the improvement of financial deepening is faster under relative fixed exchange rate regimes.

从国内经济部门看,不同汇率制度对经济增长、通货膨胀、经济稳定、金融深化等关键变量具有不同影响:(1)对于新兴市场国家来说,相对固定的汇率制度更有利于促进经济增长;(2)相对固定的汇率制度有利于抑制通货膨胀,但也可以由其他货币规则替代;(3)固定汇率更适合应对名义经济冲击,浮动汇率更适合应对实际经济冲击,二者都不能隔离外部冲击;(4)在相对固定的汇率制度下,金融深化发展更快。

Based on those analyses and conformed international and national economic condition in china and some intrinsic defects of target zone regime, author transform target zone exchange rate regime by dividing two layers and bring forward a new exchange rate regime: double-layer-monitor exchange rate regime, the new model have possessed two merits, one is that the new model make "hollymoon effect" of target zone recurrence,and the merit can alleviate the fluctuation of exchange market;another merit is that the new model is a self-regulation system, that is say, the model can avoid long-term misalignment of exchange rate, those merit have major significance for china economy sustainable development and Chinese financial system more perfection, in paper we also present some fiscal policy and money policy served as a foil to double-layer-monitor exchange rate regime in order to make it work well, at last, we conclude that the new model will be the prior selection of RMB exchange rate regime reform for a long time form now on, and it also can serve as the bridge of RMB exchange rate regime steering to one of bipolar—free float.

在这些分析的基础上,并考虑到当前中国所面临的国际国内经济环境,针对汇率目标区的一些固有缺陷,笔者又对汇率目标区模型进行了分层改造,提出了一个新的汇率机制模型:汇率目标区双层监控模型,该模型有两个主要优势,一是可以使&蜜月效应&得以重现,从而避免外汇市场的过度波动;二是该模型是一个自稳定系统,能够进行自我调整,使实际汇率同长期均衡汇率保持一致,从而避免实际汇率的长期错位。这些优点对于我国经济的可持续发展,对于我国金融的更加完善,有着十分重要的意义。为使汇率目标区双层监控模型良好运行,论文还就相应配套的财政政策、货币政策措施作了探讨。最后得出结论,按照汇率制度&并存继起&假说,今后很长一段时间内,汇率目标区双层监控模型都将是人民币汇率制度的合意选择,另外,它也可作为人民币汇率制度向独立浮动制过渡的桥梁。

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推荐网络例句

They weren't aggressive, but I yelled and threw a rock in their direction to get them off the trail and away from me, just in case.

他们没有侵略性,但我大喊,并在他们的方向扔石头让他们过的线索,远离我,以防万一。

In slot 2 in your bag put wrapping paper, quantity does not matter in this case.

在你的书包里槽2把包装纸、数量无关紧要。

Store this product in a sealed, lightproof, dry and cool place.

密封,遮光,置阴凉干燥处。