汇率

Then changes into again the interest according to the forward rate the Japanese Yen, 6 month-long forward rate agio values are 1.90 that exchange rate are 140.00 - 1.90 =138.10, 80,000 US dollars are multiplied by 138.1 = 11,048,000 Japanese Yen, subtracts 140,000,000 Japanese Yen = 140,000,000 to be multiplied by 12% again in the Japanese deposit interest to divide 2 = 8,400,000 Japanese Yen, finally 2,648,000 Japanese Yen.

然后再把利息按照远期汇率换成日元，6个月的远期汇率贴水值是1.90那汇率就是140.00-1.90=138.10，8万美元乘以138.1=1104.8万日元，再减去1.4亿日元在日本存款的利息=1.4亿乘以12%除以2=840万日元，最后得264.8万日元。

Based on the theoretical model,we design a Vector Autoregression Model and conduct empirical analysis to understand the relationship of real exchange rate, economic growth and interest rate.

根据理论模型的动态特点，设计了一个向量自回归模型，用来实证分析实际汇率、经济增长率和利率的关系，回答了当前条件下人民币实际汇率是否高估的问题，提出了实际汇率调整的三种途径及其政策涵义。

Therefore, the exchange rate forecast as the basis and precondition for exchange rate risk management is an important step.

所以，汇率预测作为汇率风险管理的基础和前提，是汇率风险管理工作的重要步骤之一。

Facing the pressure of RMB appreciation and fluctuation, the central bank must have plenty of information about kinds of factors affecting the exchange rate, find out the reasonable level of RMB exchange rate, accordingly, they can take the condign government policies to adjust it.

与此同时，汇率的变化也日益频繁，汇率的调控也日益复杂，央行近年来面对人民币的升值压力和波动，必须要对影响汇率的种种因素有丰富的信息，了解人民币的合理汇率水平，从而才能采取适宜的政府干预措施来对其进行调整。

Cross rate is the rate two currencies without exchange rate calculated from two exchange rates which are related to the same currency.

交叉汇率是从两个与同一货币有关的汇率中计算出来的、本来没有汇率的两种货币之间的汇率。

Chapter four uses Autoregressive Distributed Lagapproach to examine the extent to which changes in exchange rates result in changes in CPI , which is the proxy of Chinese domestic inflation. It also analyzes the impact of food price on exchange rate pass-through effect. Then, chapter four uses Vector Autoregression model to examine the short term and dynamic effect of exchange rate pass-through. The above empirical results reveal that the exchange rate pass-through effect to domestic prices is incomplete and time-lagged.

然后，本文运用自回归分布滞后模型研究人民币汇率变动对以消费者价格指数衡量的国内通货膨胀的传递效应，并结合中国实际考察了食品价格冲击对汇率传递效应的影响；本文通过将名义有效汇率和价格等宏观经济因素纳入同一个VAR系统中，利用脉冲响应函数与方差分解技术来考察名义有效汇率变动冲击对国内价格水平的短期动态影响。

The stiff exchange rate regime in China before the reform of RMB exchange rate regime on July, 21, 2005 - little volatility of RMB exchange rate, the inconvertibility of RMB under the capital account are the major factors and the lack of effective historical data which are responsible for limits on the research in this regard. The real exchange rate of RMB, therefore, is chosen as the objective of this study.

首先，文章对汇率的理论研究进行了回顾，提出了使用时间序列的一元自回归模型，然后，在对实际汇率的理论研究，以及人民币实际汇率本身所具有的特点进行分析的基础上，选择使用线性自回归模型和非线性的制度转换模型中的自我激励门限自回归模型和平滑过渡自回归模型来描述实际汇率的动态行为特征。

The polygonal line regression model shows that RMB exchange rate is indeed affected by exchange rate policy.

此外，折线回归模型的回归结果表明：我国的人民币汇率确实受到人民币汇率制度安排因素的影响，使得人民币汇率出现跳跃式的发展，呈现出了折线形状，从拟合优度来看，折线模型能够很好地解释我国人民币汇率的政策及制度效应。

As to domestic sector, the author discuss the influences of different exchange rate regime on growth, inflation, economic stability and financial deepening, and agues that:(1) the relatively fixed exhange rate regimes are more pro-growth for emerging economies;(2) the relatively fixed exchange rate regimes can be useful for control of inflation in developing countries, but it can also be replaced by other monetary rules like inflaiton-targeting;(3) fixed exchange rate regime woulde better to deal with nominal shocks when floating exchange rate regime better to deal with real shocks, but both of them can not entirely insulate the external shocks;(4) the improvement of financial deepening is faster under relative fixed exchange rate regimes.

从国内经济部门看，不同汇率制度对经济增长、通货膨胀、经济稳定、金融深化等关键变量具有不同影响：（1）对于新兴市场国家来说，相对固定的汇率制度更有利于促进经济增长；（2）相对固定的汇率制度有利于抑制通货膨胀，但也可以由其他货币规则替代；（3）固定汇率更适合应对名义经济冲击，浮动汇率更适合应对实际经济冲击，二者都不能隔离外部冲击；（4）在相对固定的汇率制度下，金融深化发展更快。

If selects in the research the base period is different, for example some people take the high bloating year as the base periods, some people take the low bloating year as the base periods, has take the nominal exchange rate big adjustment before as the base period, has depreciates after year take the standard currency as the base period, finally obtains the balanced actual exchange rate difference extremely is big, causes one person to have a judgment exchange rate detuning standard, has like this lost the balanced exchange rate research significance.

如果在研究中选取的基期不同，例如有人以高通胀年为基期，有人以低通胀年为基期，有以名义汇率大调整前为基期，有以本币贬值后的年份为基期，最后得到的均衡实际汇率差异就非常大，导致一人有一个判断汇率失调的标准，这样就失去了均衡汇率研究的意义。

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 。