外汇汇率调整

Any attempt to address the excess of foreign exchange reserves should incorporate a fundamental economic restructuring and an adjustment of the RMB exchange rate formation mechanism, which will be a long and slow process.

解决外汇储备过多的问题应该把经济结构调整和人民币汇率形成机制的调整结合起来考虑，这将是一个长期而缓慢的过程。

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。

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。

Suppose that the eventual dollar decline and re-equilibration of the yuan result in a 20% capital loss. This would amount to $400 billion, or roughly 10% of Chinese GDP.

假设美元汇率下跌以及人民币汇率的相应调整使中国外汇储备的价值缩水20%，这相当于中国损失了4，000亿美元资金，大约是中国国内生产总值的10%。

Neither the killing of Mr Zarqawi nor any breakthrough on the political front will stop the insurgency and the fratricidal murders in their tracks.

在对危险的南部地区访问时，他斥责什叶派民兵领导人对中央集权的挑衅行为。

In fact,I've got him on the satellite mobile right now.

实际上 我们已接通卫星可视电话了