汇率机制

After China joins WTO,RMB are exchangeable under realizing the current account at the end of 1996. The exchange rate system of RMB will be reformed again on July 21,2005,will form richer and elasticcer RMB exchange rate mechanism,create the asymptotic condition in order that RMB are realized exchangeably for items of the capital.

中国加入WTO后，人民币在1996年年底实现了经常项目下可兑换，2005年7月21日人民币汇率制度再次改革，形成更富弹性的人民币汇率机制，为人民币最终在资本项目下实现可兑换创造了渐近条件。

Finally, based on all the analyses, the paper puts forward some suggestions for the optimization of RMB exchange rate regime and the adjustment of trade policy.

最后，在完整分析人民币汇率机制改革对我国贸易进出口影响的基础上，本文对人民币汇率机制的完善以及贸易政策的配合调整提出一些具体的建议。

Alternatively, flexible exchange rates would gyrate wildly under the pressure of huge flows on a scale that represents a multiple of the domestic money supply in a small country like New Zealand.

反过来，由于资金流动的规模是新西兰那样的小国家的国内货币量的几倍，在这种压力下，如果实行灵活的汇率机制，汇率将会疯狂波动。

This camp points to the service he rendered to Norman Lamont, a former Tory chancellor: Mr Cameron was Mr Lamont's adviser in 1992, when Britain humiliatingly withdrew from the European exchange-rate mechanism, as Mr Brown often reminds him. And Mr Cameron co-authored the 2005 general-election manifesto.

拉蒙特的下属：卡梅隆1992年是拉蒙特的顾问，当时英国不光彩得从欧洲汇率机制中撤出，这一点布朗经常提醒他。2005年卡梅隆也参与了大选宣言的编写工作。

Conversely, another set of observers—some with enthusiasm, others with apprehension—regard him as a crypto-right-winger, poised to shed his cloak of moderation when he crosses the threshold of Number 10. This camp points to the service he rendered to Norman Lamont, a former Tory chancellor: Mr Cameron was Mr Lamont's adviser in 1992, when Britain humiliatingly withdrew from the European exchange-rate mechanism, as Mr Brown often reminds him. And Mr Cameron co-authored the 2005 general-election manifesto.

然而，另外一些或态度激烈或不免担心的观察人士把他看成是秘密右翼分子，正准备等卡梅隆入主唐宁街后揭开他温和的外衣，理由在于卡梅隆曾是托利党前财臣诺曼·拉蒙特的下属：卡梅隆1992年是拉蒙特的顾问，当时英国不光彩得从欧洲汇率机制中撤出，这一点布朗经常提醒他。2005年卡梅隆也参与了大选宣言的编写工作。

No sooner had British entry been agreed in 1972 than sterling entered the "snake", a forerunner of the exchange-rate mechanism, only to fall out ignominiously just six weeks later: an eerie foretaste of Britain's later membership of, and expulsion from, the European Exchange-Rate Mechanism in the early 1990s.

英国货币与欧盟的历史也有着消极的影响。1972年英国刚刚得到加入欧盟的批准，英镑就加入了snake——汇率机制的前身，但在六个星期后就难堪的退出——20世纪90年代早期英国加入又被强制退出欧洲汇率机制的一个怪异的预兆。

And to keep its exchange rate pegged to the dollar, China has been buying vast amounts of American Treasury bonds, which has helped to depress bond yields and mortgage rates, fuelling America's property boom.

为了维持与美元挂钩的汇率机制，中国一直在大量购买美国国债，这对抑制债券收益率和抵押贷款利率起到了有利作用，促进了美国房地产的繁荣。

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。

A gradual approach may ensure the initiality, controllability and graduality of the exchange rate reforms. China should control the pace of the reform progress according to the changing international and domestic economic situations, tighten restrictions on abnormal capital inflow and strengthen the market supervision, in order to build an open, fair and transparent securities market as well as the institutional fundamentals for RMB internationalization.

中国可以采取循序渐进的汇率改革方式，坚持汇改的主动性、可控性以及渐进性，根据国际国内经济情况的变化适时、适度、逐步完善汇率机制，严控异常国际资本的流入，同时加强股市监管，努力营造公开、公正、透明的证券市场，为人民币将来的完全国际化提供一个市场制度基础。

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 。