外汇汇率

For a long-term stable Exchange Rate of RMB, the Commercial Banks are not only lack of a full understanding of Exchange Rate risk but are also lack of the essential experiences and skills to manage the Exchange Rate risk. Exchange Rate System reform makes domestic Commercial Banks face a great challenge of Exchange Rate risk. Adapting RMB Exchange Rate reform and managing Exchange Rate risk are the subjects that the domestic commercial banks must face.

长期稳定的人民币汇率使商业银行对汇率风险既缺少足够的了解和重视，也缺乏必要的外汇风险管理的经验和技能，汇率制度改革使我国商业银行开始真正面临汇率风险的考验，尽快适应人民币汇率制度改革，应对汇率风险是我国商业银行面临的重要课题。

The article analysed the foreign trade effect to macroscopical economy through metric analysis method, the VAR model that uses vector to be returned to oneself will be opposite income of foreign trade amount, import total, export total, finance and foreign currency exchange rate undertake VAR is returned to, reach the; of cross correlation relation of many variable answered function to analyse the long-term and harmonious relationship between foreign trade and reform economic norms through concussion.

本文通过计量分析方法分析了进出口贸易对宏观经济的影响，运用向量自回归的VAR模型来对进出口贸易总额、进口总额、出口总额、财政收入和外汇汇率进行VAR回归，得出多个变量的互相关联关系；通过冲击响应函数分析了进出口贸易和改革经济指标间的长期均衡关系。

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。

Description of the investment information to estimate the relevance of the contract, other professional conditions, and indicators of scale, with fixed or indicators of the corresponding standards for admission fees, the main equipment and materials prices, select the basis for the introduction of equipment and materials prices and the basis for estimating the use of foreign exchange rates, take into account unforeseen costs basis, taking into account the basis of reserve price, the project construction period interest and liquidity to determine the estimation methods.

说明本投资估算的相关合同信息、其他专业条件，采用的定额及指标，与定额或指标相应的取费标准，主要设备材料价格的选取依据，引进设备材料价格及依据，估算采用的外汇汇率，不可预见费计取依据，价差预备费计取依据，项目建设期利息的确定及流动资金的估算办法等。

In this way, when the firm's currency view entails a perception of volatility, options generate a better or similar effective hedge rate at lower uncertainty than the unhedged position.

以这样的方法，当企业的外汇汇率观必然伴有对波动性的认知时，期权就行产生比未套期保值状况更好的或类似的有效套期保值率。

But against the actions of the governments, like embargoes, a shipper can only protect himself by making special arrangements with his own government.

外汇汇率的波动可以通过买进或卖出远期外汇加以解决，但对付政府的某些行动如禁运，发货人则能同自己的政府作些特别安排以保护自己的利益不受损失。

Over the next several years, the Japanese government spent almost 47 trillion yen — or about $470 billion at current exchange rates — not only buying banks' bad assets but also recapitalizing them.

在过去的数年里，日本政府花费了约47兆日元，按现在的外汇汇率算，约为4700亿美元，不仅收购银行不良资产，同时还要对银行进行资产重组。

When you invest the option treasure, must first act according to you to the foreign exchange exchange rate trend judgment, designates the appropriate stronger tendency currency and the being expected to fall currency.

当您投资期权宝时，首先要根据您自己对外汇汇率走势的判断，选定合适的看涨货币和看跌货币。

When you invest the option treasure, must first act according to you to the foreign exchange exchange rate trend judgment, designates the appropriate stronger tendency currency and the being expected to fall currency.

问题补充：当您投资期权宝时，首先要根据您自己对外汇汇率走势的判断，选定合适的看涨货币和看跌货币。

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。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。