外汇汇率

Heller—Knight Model stressed the balance of trades effect in the currency structure of foreign exchange reserves decision. Dooly model shows the trade flows, the debt payment and the exchange arrangements will all affects the currency structure of foreign exchange reserves. There is some logic to each of these three models, but are not comprehensive enough.

资产组合理论强调货币的收益与风险在安排外汇储备币种结构中的作用，海勒——奈特模型强调贸易收支在决定外汇储备币种结构中的作用，杜利模型则将影响外汇储备币种结构的因素扩大为贸易流量、外债支付及汇率安排三个因素。

Along with the constantly increase of foreign currency deposit, the low interest rate in our country and the intrinsic risk of foreign exchange, the people holding foreign currency had not been satisfied with the simple investment channels, such as the ordinary bank deposit and the real time exchange. They hoped the market could provide some new investment channels.

随着我国外汇储蓄规模的不断增长，以及外币存款的低利率和外汇市场固有的汇率风险，外汇持有者已不再满足于只有普通存款和实盘买卖这样的投资渠道，他们盼望市场能提供有创新意义的新的投资渠道。

Article in the equilibrium exchange rate impact on economic growth based on knot theory, a balanced exchange rate of China's double the current international balance of payments surplus, foreign exchange reserves surge in economic conditions of the external imbalance, analysis of the situation of the impact on China's economy, and the equilibrium exchange rate adjust the direction of the proposals put forward.

文章最后在均衡汇率对经济增长影响的理论基础上结，合均衡汇率实现我国目前国际收支双顺差、外汇储备激增的外部失衡经济状况，分析该状况对我国经济的影响，并对均衡汇率的调整方向提出相应的建议。

As the inter-bank foreign exchange trading is a large trading post on the exchange rate the characteristics of the general foreign exchange transactions between banks and the foreign exchange market as a foreign exchange wholesale market, and the banking and foreign exchange transactions between the general, a market that Exchange for the retail market.

由于银行间的外汇交易是一个大型贸易公司后对汇率的特点，一般外汇之间的交易，银行和外汇市场作为外汇批发市场，以及银行业和外汇之间的交易一般，市场作为交换条件的零售市场。

Foreign exchange reserve plays an important role in balancing income and payments,stabling foreign exchange and repaying external debts. However,excessive foreign exchange reserve not only idling foreign exchange reserve resource and increases opportunity cost, but also affect the independence and effectiveness of the monetary policy ,decreases social's economical efficiency.

外汇储备在平衡国际收支、稳定汇率和偿还外债中发挥着重要的作用，然而过量的外汇储备会造成外汇资源闲置和机会成本的上升，还会影响货币政策的独立性和有效性，降低社会的经济效率。

According to Meese's exchange rate model in 1986, in this paper, we modified Meese's (1986) model and suppose the Interest Rate Parity is untenable, the risk premium factor and real exchange rate parameter are considered, and the Purchasing Power parity doesn't follow random walk, we derive our modified equilibrium model. Base on the State Space Model, we try to estimate bubbles and risk premium which are unobservable variables by Kalman Filter to test which one is or both are the main factors that to cause the real assets price biased from the market fundamental price.

本文是以Meese(1986)所决定的汇率模型为基础，但Messe一文并未讨论到风险溢酬的问题，故本文为了克服此一缺憾，而假设未抛捕的利率平价说(uncovered interest parity，UIP)不成立，以加入风险溢酬因子，且更进一步假设偏离购买力平价理论(purchasing power parity，PPP)不服从随机漫步，若如此则顺利将实质汇率变数纳入於模型中，重新建立均衡汇率模型，为了验证本文所创立的模型，实证方法以状态空间模型为基础，运用卡门滤波器递回法来估计不可观察的变数，以观察台湾的外汇市场上是因泡沫现象还是风险溢酬造成资产价格偏离市场基要价值或是两者皆是造成实际资产价格偏离市场机要价格的因素。

Exchange rate fluctuation directly affectschanges of import and export trades. In order to investigate the relation betweenthem, the study on the properties of exchange rate fluctuation itself is necessary. SoThis dissertation investigated the time series data of four Chinese main exchangerates, which were from April 2, 2002 to March 1, 2006.Simulation and analysiswere processed via Autoregressive Conditional Heteroskedasticity model.

汇率的变动直接影响进出口价格的变动，为研究两者之间的相互关系，必须先研究汇率波动本身的性质，因此本文考察了我国外汇市场上的四种主要汇率从2002年4月2日到2006年3月1日的时间序列数据，并用ARCH类模型对其进行拟合和分析。

What the officials declare is a current account exchangeable rate "based on market supply and demand, single and manageable and floating" already, but in practical operation, it has dissimilated as the fixed exchange rate system pegging to U.S.

中国现行的汇率制度是在1994年外汇体制改革基础上将两种汇率并轨后实行的单一汇率制度，官方宣称的是已实现经常项目可兑换的&以市场供求为基础的、单一的、有管理的浮动汇率制&，但在实际的运行中却异化为钉住美元的固定汇率制度。

Buying rate of exchange:the rate at which foreign exchange banks and broker s agree to buy foreign currency.

买入汇率：外汇银行和经纪人同意购买外汇的汇率。

A spot purchase of foreign exchange, fixed or floating rate funds or assets with simultaneous forward sale or vice versa. pase financiero is an argentinian system, related to the swap system, whereby persons or institutions making capital investments are given an "exchange guarantee," which guarantees that the funds can be reexchanged at a predetermined exchange rate on a specific date.

即购买即期外汇、固定或浮动利率基金或资产，同时在远期市场作期货销售，或者作相反的交易。pase financiero是阿根庭与置换有关的一种制度，在个人或机构作资本投资时可以得到一项&外汇担保&，使该项投资资金可以按预先确定的汇率在某一特定的日期重新换回外汇。

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。