外汇

Exchange control restricts the right of holders of a currency to exchange it for other currencies. It thereby renders a currency inconvertible.

外汇管制限制了一种外币持有者想将其换成它种外币的权利，即造成了一种外币的不可兑换情况。

The possible systematic defects due to issuing a great deal of instruments of the central bank to hedge against China's existing huge exchange position are analyzed in a long-term perspective, such as reducing economic growth rate and bringing adverse influence on social welfare, weakening the policy effectiveness of hedge, making the current macroscopic economic control incoordinate with the long-term objective of economic growth, tightening bank loan so as to distort the overall economic structure eventually and causing the conflict between internal and external economic demands.

结合我国特殊的转轨背景，从长期的角度，分析了中国人民银行发行央行票据对冲外汇占款这一做法的制度缺陷，指出央行票据作为对冲工具可能给经济带来各种负面影响，如降低经济效率并造成社会福利损失，对冲的政策效力弱化，调控方向与经济增长的长期目标不协调，挤出商业银行贷款并可能扭曲经济结构以及内外平衡的冲突等。

It is also clear that China's existing strategies to slow reserves accumulation have been ineffective.

同样清楚的是，中国现行的降低外汇储备增长速度的战略是无效的。

The Underwriter may terminate its commitment under the Underwriting Agreement at any time prior to the Latest Time for Termination if: there shall develop, occur, exist or come into effect: any new law or regulation or any change in existing laws or regulations or any change in the interpretation or application thereof by any court or other competent authority in Hong Kong or any other place in which any member of the Group conducts or carries on business; or any event or series of events resulting or likely to result in any change in local, national or international financial, political, military, industrial, economic or market conditions; or any change in the conditions of local, national or international securities markets (including but without limitation, the imposition of any moratorium, suspension or restriction on trading in securities generally on the Stock Exchange due to exceptional financial circumstances or otherwise); or any change or development involving a prospective change in Hong Kong taxation or exchange control which will or may affect the Group or a proportion of the existing Shareholders of the Company in their capacity as such, which, in the reasonable opinion of the Underwriter:(1) is or will or is likely to have a material adverse effect on the business or financial condition of the Group as a whole or the Rights Issue; or (2) has or will have or is likely to have a material adverse effect on the success of the Rights Issue or the level of Rights Shares taken up; or (3) makes it inadvisable or inexpedient for the Company to proceed with the Rights Issue; or there comes to the notice of the Underwriter: any matter or event showing any of the representations, warranties and undertakings made by PIL and the Company was, when given, untrue or misleading or as having been breached in any respect; or any breach by any of the other parties to the Underwriting Agreement of any of their respective obligations or undertakings under the Underwriting Agreement or under any of the PIL Letter of Undertaking, Option Undertakings or the Sub-underwriting Letter, then and in any such case the Underwriter may, upon giving notice to the Company and PIL, terminate the Underwriting Agreement with immediate effect.

倘发生下列事件，包销商可于最后终止时间前任何时间终止其根据包销协议之责任：以下情况将会出现、发生、存在或生效：香港或本集团任何成员公司经营或从事业务所在任何其他地方之法院或其他主管机关颁布任何新法律或法规，或更改现行法律或法规，或有关法律或法规之诠释或应用有变；或发生任何事件或连串事件导致或可能导致本地、国家或国际金融、政治、军事、工业、经济或市况有变；或本地、国家或国际证券市场之状况有变（包括但不限于因特殊金融状况或其他原因而暂时禁止、暂停或限制港交所之整体证券交易）；或香港税务或外汇管制有变或出现可能导致变动之事态发展，而将会或可能对本集团或本公司部份现有股东产生影响，而包销商合理认为上述情况：(1)会或将会或可能会对本集团整体之业务或财务状况或供股有重大不利影响；或(2)经已或将会或可能会对供股之成功或供股股份之认购数量有重大不利影响；或(3)令本公司进行供股变得不智或不宜时；或包销商得悉：任何事情或事件显示太平船务及本公司所作出之任何陈述、保证及承诺于作出时在任何方面属失实或构成误导或遭违反；或包销协议之任何其他订约方违反彼等各自根据包销协议或任何太平船务承诺函、购股权承诺或分包销函件之任何责任或承诺，而在此情况下，包销商可向本公司及太平船务发出通知即时终止包销协议。

On Monday, 3 August 2009 if in the reasonable opinion of the Underwriter: the success of the Rights Issue would be materially and adversely affected by: the introduction of any new law or regulation or any change in existing law or regulation (or the judicial interpretation thereof) or other occurrence of any nature whatsoever which may in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or the occurrence of any local, national or international event or change, whether or not forming part of a series of events or changes occurring or continuing before, and/or after the date hereof, of a political, military, financial, economic or other nature (whether or not ejusdem generis with any of the foregoing), or in the nature of any local, national or international outbreak or escalation of hostilities or armed conflict, or affecting local securities markets which may, in the reasonable opinion of the Underwriter materially and adversely affect the business or the financial or trading position or prospects of the Group as a whole; or any material adverse change in the business or in the financial or trading position of the Group as a whole; or any material adverse change in market conditions (including, without limitation, a change in fiscal or monetary policy or foreign exchange or currency markets, suspension or restriction of trading in securities) occurs which in the reasonable opinion of the Underwriter makes it inexpedient or inadvisable to proceed with the Rights Issue; or the Prospectus or announcements of the Company published since the date of the Underwriting Agreement when published contain information (either as to business prospects or the condition of the Group or as to its compliance with any laws or the GEM Listing Rules or any applicable regulations) which has not prior to the date hereof been publicly announced or published by the Company and which may in the reasonable opinion of the Underwriter is material to the Group as a whole and is likely to affect materially and adversely the success of the Rights Issue or might cause a prudent investor not to accept the Rights Shares provisionally allotted to it, the Underwriter shall be entitled by notice in writing to the Company, served prior to the Latest Time for Termination, to terminate the Underwriting Agreement.

务请注意，倘包销商合理认为，则包销商可于二零零九年八月三日下午四时正前，随时向本公司发出书面通知，终止包销协议所载的安排：供股之成效将因下列事项而受到重大不利影响：引入任何新法律或法规，或现行法律或法规有任何改变，或发生包销商合理认为可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响之任何性质之其他事件；或发生任何本地、全国或国际的政治、军事、财务、经济或其他性质（不论是否与上述任何事件同类）之事件或变化（不论是否于本公布日期之前、当日及╱或之后发生或延续之连串事件或变动之一部分），或任何本地、全国或国际性之敌对行为或武装冲突爆发或升级，或发生会影响本地证券市场的事件或变化，且包销商合理认为该等事件或变化可能对本集团整体业务或财务或贸易状况或前景构成重大不利影响；或本集团整体业务或财务或贸易状况出现任何重大不利变动；或市场状况发生任何不利变动（包括但不限于，财务或货币政策或外汇或货币市场的任何变动、证券买卖暂停或受到限制），而包销商合理认为该等变动很可能使进行供股变得不宜或不智；或本公司于包销协议日期后发出之章程或公布载有于本公布日期前本公司未公开发布或刊发之资料（不论关于本集团业务前景或状况或本集团遵守任何法律或创业板上市规则或任何适用法规的情况），而包销商合理认为该等资料可能对本集团整体而言属重大，并很可能对供股的成效构成重大不利影响或可能导致审慎投资者不接纳获暂定配发的供股股份，则包销商可于最后终止时间前，向本公司发出书面通知终止包销协议。

This trend seems to have been an additional factor contributing to the decline in foreign exchange market turnover, especially in the interbank market.

这个趋势似乎也是造成外汇市场交易额下降的一个因素，对银行间市场的影响尤其明显。

Obviously, adding interbank foreign exchange market is QDII fund companies access to an important prerequisite for eligibility.

显然，加入银行间外汇市场是QDII的基金公司获得了资格的重要前提。

This study conducts a theoretical analysis of the transmission mechanism with interest rates as the intermediate variable. Empirical results show a significant long-run negative association between foreign exchange rates and stock prices.

在对以利率为核心中介要素的传导机制进行理论分析的基础上，运用计量方法进行实证检验发现，外汇汇率与股市价格之间存在长期负相关关系。

The total investable amount of an insurance company shall not exceed 80% of the balance of its foreign exchange funds at the end of the previous year.

第十条 保险外汇资金的境外运用，其比例应当符合下列规定

If you want to start out in forex trading you will need to look for a broker or investment management company that you trust.

如果你想开始在外汇交易，您需要寻找一个经纪人或投资管理公司，您的信任。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。