外汇

Further, the Reserve Bank of Malawi wishes to advise all local importers and the general public that dealing in foreign currency with unauthorized persons, including intersectional corporations and non-governmental organizations, is also a violation of Exchange Control Regulations.

此外，马拉维储备银行奉劝本地进口商和公众、包括国际公司和非政府组织，所有与未经政府授权的人进行外汇交易的行为，均属违反《外汇管制条例》。

SAFE lodgment and recording and assist tax return for exports and forex annual examination

处理外汇业务，如收付核销、备案以及协助执行出口退税和外汇年审工作

That he shall logoff the Internet Precious Metals and FX Trading Services immediately following the completion of each transaction.

客户在完成每次网上贵金属现货及外汇买卖后，应立即退出网上贵金属现货及外汇买卖服务。

In the research to demand of International reserves,first, according to the affective character of demand to transition of International reserves, choosing the decision theory of Markov and dynamic transition equation as basic model, the paper has set up two transition methods--- stationary matrix and dynamic matrix, the later matrix has improved the sensitive reaction to time and velocity. Second, combining with knowledge of linear algebra, the paper has analyzed and testified the positive associated relation between transition matrix elements on main diagonal and the convergent speed of system, and explained why international reserves transition embodies the character under new situation and why the transition process can be accelerated by the strike of international idle money. Third,on the quantitative calculating to elements of transition matrix,referring to multiplication theory and decomposing-composing method of system, the paper has transformed main three-factor deciding confidence of international monetary into detail modulus by comparing analysis measure,now the matrix has been decided.

在国际储备的需求分析研究中，本文首先选择马尔可夫转移方程作为基础模型，根据需求对外汇储备结构的影响特点，提出非定常转移矩阵变换方法，拓展了马尔可夫变换对时间和速度的敏感性；结合线性代数知识，分析证明了定常转移矩阵的主对角线元素值的大小与系统的收敛速度的正向关联关系，并利用结论解释了国际货币新动向下外汇储备转换表现出的趋势特点以及国际游资冲击对国际货币结构变化的加速影响；在转移矩阵元素的量化计算上，本文参考乘数理论和系统分解合成原理，采用对比分析方法把影响国际货币信心的三大要素综合量化为转移偏好系数，然后根据转移偏好系数确定转移矩阵的元素值，其中还分别具体给出了定常转移矩阵和非定常转移矩阵的计算方法及在变换中的使用方法，从而不仅在定量分析上应证了定性分析结论，而且反映了随时间变化的美圆、欧元、日圆的比例结构均衡过程。

Meanwhile, the Central Bank firstly introduced " inquiry "– a transaction way which is more marketably, and the forward foreign exchange transaction and swap transaction were allowed to enter into the market the first time.

8月9日，央行宣布改革银行间外汇市场，为非银行金融机构和非金融企业进入该市场开了"绿灯"，同时首次引入询价这种更为市场化的交易方式，首次允许在该市场内开展远期外汇交易和掉期交易。

off shore rmb may be a "separating wall" or "firewall" that can separate foreign reserves of china from its huge domestic savings, so it is avoided that foreign reserves of china are exchanged by huge domestic savings. china may get huge benefits of about two hundreds billions of dollars per year by issuing ofsrmb, which called benefits from "mintage".

"境外人民币"可以在国内庞大的人民币储蓄与外汇储备之间建立一堵"隔离墙"、"防火墙"，以防止外汇储备被国内庞大的人民币储蓄所挤兑；发行"境外人民币"可以使中国每年从国际上获取约两千亿美元的巨大"铸币税"利益。

As Anton Brender and Florence Pisani argue in a brilliant study for the Centre for European Policy Studies, the salient characteristic of the capital outflow from emerging economies was that it came in the form of reserves – an overall increase of close to $6,000bn in the noughties.

安东布朗代和弗洛伦斯皮萨尼为欧洲政策研究中心(Centre for European Policy Studies)完成了一份极其出色的研究报告。他们在报告中指出，新兴经济体资本外流的显著特征是，资金是以外汇储备的形式流出的——过去十年，新兴经济体外汇储备总额增长了近6万亿美元。

Such preconditions including the stability of Macro-economy, healthiness of fiscal system, powerfulness and efficiency of financial Macro-control, etc.

主要从宏观经济稳定性、财政体制的完备性、外汇管理和外汇储备、金融宏观调控体系等方面介绍了资本市场开放所要求的条件，并进而分析了我国的具体情况，倾向于认为，我国的开放条件并不成熟。

So, in view of the peculiarities of the short-term dynamic model and the impulse response function, impulse response is stable and sensitive. In the short-term period, the central bank has a greater control of Ml through the conduction of the base currency and the result is better. It can also prove that the money multiplier of our country has long and firm relations with other elements except the base currency. Through the short-term dynamic equation, it successfully calculates the money multiplier beyond the sample and provides the basis for the central bank to prefigure the regular alteration of the money multiplier.

实证检验显示，中央银行运用货币政策工具时受外汇占款变量的制约影响太大，而再贷款成了调控基础货币投放的主要对冲手段，它的作用的发挥有赖于外汇占款的变动情况，存在明显的被动性。2、基础货币与M1和M2存在长期稳定关系，从长期来看基础货币对M2的冲击影响强于对M1的影响，而从短期来看基础货币对M1的影响要强于对M2的影响；M1和M2在基础货币冲击下具有冲击的放大传导机制和缓沖传导机制，脉冲响应具有稳定性和灵敏性，基于短期动态模型和脉冲响应函数所表现出的特征。

At present, there are many researches on the scale of foreign exchange reserves through different way studying the moderate scale of the foreign exchange reserves, and formed different methods: demand regress function method, rule of three, opportunity cost theory, etc.

目前这方面的研究很多，从不同角度研究了外汇储备的适度性问题，形成了需求回归函数法、比例法、机会成本说等理论，但这些理论却均在不同程度上存在一定的缺陷，因此单独运用其中任何一种理论都不能对我国外汇储备的规模进行合理的分析。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。