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。

Cross rate The exchange rate between currencies A and C which is derived from the rate between A and B and the rate between B and C.

交叉汇率指货币A和C之间的汇率；这一汇率是从货币A和B之间的汇率与货币B和C之间的汇率得出来的。亦见broken cross rate

Firstly,the paper introduces some related concepts of employment and exchange rate,focused on the difference between the nominal and real exchange rates,price index that impacts the calculation of real effective exchange rate,characteristics of the labor market and the present situation and major issues of labor-intensive industries in China,and reviews the academic study of the relationship between the change of exchange rate and employment and explains the research characteristics of this paper.

本文首先对与汇率和就业的相关概念进行解析，重点讨论了名义汇率与实际汇率的区别、影响实际有效汇率计算的价格指数、劳动力市场的特征及劳动密集型产业在我国存在的现状及主要问题，回顾了学术界研究汇率变动与就业关系的相关成果，阐述了本文的研究特色。

Firstly,the paper introduces some related concepts of employment and exchange rate,focused on the difference between the nominal and real exchange rates,price index that impacts the calculation of real effective exchange rate,characteristics of the labor market and the ...

本文首先对与汇率和就业的相关概念进行解析，重点讨论了名义汇率与实际汇率的区别、影响实际有效汇率计算的价格指数、劳动力市场的特征及劳动密集型产业在我国存在的现状及主要问题，回顾了学术界研究汇率变动与就业关系的相关成果，阐述了本文的研究特色。

Firstly, introduces some basic concepts and theory about exchange rate risk and discusses the significance and exigency of study exchange rate risk management in corporation of china.

因此本文选择《当前中国外向型企业汇率风险管理研究》为题，从介绍汇率风险的基本的定义和分类及汇率预测的基本概念出发，分析了当前情况下，我国外向型企业汇率风险管理的现状，及其产生这些情况的原因；其次，重点从完善公司经营方面和应用金融及其衍生工具方面，分析了外向型企业汇率风险控制的主要方法和手段，并对各种方法进行了评价。

This thesis, titled "under the Exchange rate marketization of RMB a probe into exchange rate risk management from the enterprises' standpoint ", on the basis of some basic concepts and theory about exchange rate risk , mainly discusses the significance and exigency of study exchange rate risk management in corporation of china , and raises some proposals in such aspects as removing obstacles, optimizing exchange rate risk management system and establishing the mechanism of previous tergiversation exchange rate risk. In addition, the thesis analyzes the risks that will be encountered in the development of exchange rate marketization of RMB and offers solutions to these risks.

本文选择《人民币汇率市场化下的企业汇率风险管理研究》为题，在介绍汇率风险的基本知识和相关概念、企业对汇率风险管理基本理念的基础上，结合我国实际，分析了我国涉外企业在目前人民币汇率机制改革、人民币汇率逐步市场化的前提背景下汇率风险管理的必要性和紧迫性，提出逐步完善企业汇率风险管理系统，建立企业内部风险预警机制运行模式的建议、并对人民币汇率市场化下企业所面临的汇率风险进行了分析，提出了相应的对策。

This paper is based on "Trilemma" which is induced from MF model. In order to overcome MF models inherent defects, this paper constructs a static model headed by government on choice of optimum exchange rate regime. Through the analysis of the model we can see that the choice of exchange rate regime is a dynamic process should be decided in real situation. No single exchange rate regime is right for all countries or at all time. Under certain condition intermediate regime may be the optimum one, but the possibility will decrease with the increase of international capital flow.

本文从蒙代尔——弗莱明模型精炼出的"三元悖论"出发，为了克服其内在的缺陷，构建了一个政府主导的静态最优汇率制度选择模型，模型分析表明：汇率制度选择是一个动态的相机决策过程，没有哪一种汇率制度对所有国家或某一国的所有时期都适合；在一定条件下，中间汇率制度可能是最优汇率制度，但是其可选择的区间随着资本流动程度的加大而缩小，最终最优汇率制度将内生的向两极分化。

Recently, the valuation of RMB becomes a hot topic in economics both domestically and internationally. This paper discusses about the selection of various currency exchange regimes and their future goals and prospects. The analysis starts from the introduction of the theory of exchange rates and the relevant economic factors that affect exchange rates. The analysis is based on the following theories: the theory of macro-stabilization policy in open economy, the Mundell-Fleming model, originated by Professor Robert A Mundell of the Department of Economics Columbia University, who also founded the theory of the optimum currency areas; another theory is the Trilemma by Paul Krugman. It is concluded that the current stable exchange regime serves as an important guarantee for the fast economic development in China.

面对"人民币是否应该升值"这个国内外经济界讨论的热点，本文从汇率决定理论及影响汇率制度的相关经济因素出发，引用了最优货币区域理论的首创者、美国哥伦比亚大学经济系教授罗伯特·A·蒙代尔的开放条件下宏观稳定政策的理论"蒙代尔—弗莱明模型"以及克鲁格曼的"三元悖论"等理论来探讨人民币汇率制度的选择及未来汇率体制的发展目标和前景，明确了目前稳定的人民币汇率体制是促进我国经济高速发展的重要保证。

From the point of administration, based on the current exchange rate management system, this paper mainly involves a series of research methods, such as literature analysis, comparative analysis, positive analysis, and systematic analysis and so on. Firstly, it reviews and combines the revelant theories of exchange rate. Secondly, it analyzes the problems existing in our current exchange rate management system in the region of government's system design on exchange rate management system. Finally, according to the major environment of the reform of economic system and politic system and the actual situation that current exchange rate of RMB faces, it put forwards the route and scheme of the reform of our government's exchange rate management system.

文章从行政管理的视角出发，立足我国现行汇率管理体制，主要通过运用文献分析、比较分析、实证分析、系统分析等研究方法，首先对汇率管理的相关理论进行梳理、回顾，其次从政府汇率管理体制的制度设计层面剖析了我国现行汇率管理体制中存在的问题，总结了改革的必要性和必然性，最后针对我国经济体制和行政体制改革的大环境和现阶段人民币汇率问题所面临的现实情况，提出了我国政府汇率管理体制改革的路径和方案。

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。

Lugalbanda was a god and shepherd king of Uruk where he was worshipped for over a thousand years.

Lugalbanda 是神和被崇拜了一千年多 Uruk古埃及喜克索王朝国王。

I am coming just now,' and went on perfuming himself with Hunut, then he came and sat.

我来只是现在，'歼灭战perfuming自己与胡努特，那麼，他来到和SAT 。