汇率机制

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。

This study conducts a theoretical analysis of the transmission mechanism with interest rates as the intermediate variable. Empirical results show a significant long-run negative association between foreign exchange rates and stock prices.

在对以利率为核心中介要素的传导机制进行理论分析的基础上，运用计量方法进行实证检验发现，外汇汇率与股市价格之间存在长期负相关关系。

Then analyzed the unsymmetry of the exchange rate supply and demand mechanism of RMB and institutional factor of the appreciation pressure of RMB especially.

然后重点剖析了人民币汇率供求机制的不对称性及人民币升值压力的制度性因素。

From this viewpoint, this thesis firstly study the reason and the characteristic of the Double Favorable balance of payments in China, then try to find out how to coordinate the monetary policy and exchange rate policy in this situation ,and in the end of the thesis put forward our suggestion in order to solve this dilemmatic situation China face recently.

因此，本文试图分析当前中国面临的双顺差环境及其成因，从理论上把握货币政策与汇率政策协调机制，从而为解决宏观经济内外失衡的问题提供政策建议。

Therefore the RMB appreciation is helpful for balancing China international balance of payment step by step, but the reason lead to the China international balance of payment surplus is profundity and complex especially to the cumulation of trade surplus, which is no only lead by undervalued RMB and improper form system of RMB exchange rate.

这说明虽然人民币升值有利于促进我国国际收支逐步趋于平衡，但是我国的国际收支顺差，尤其贸易顺差的累积&冰冻三尺，非一日之寒&，有着深刻、复杂的原因，不单单是由于人民币被低估或者人民币汇率形成机制不合理造成的。

Chinese RMB will likely seek higher return assets than American government bonds, but consumer price inflation in China may move monetary policy from a dollar peg to a greater free float.

中国资金可能把目光转向回报率高于美国国债的资产，而消费价格通胀可能促使中国把汇率政策从盯住美元转变为一种更加自由浮动的机制。

In the Subprime Crisis, exchange rate is not the essential cause anymore. The paper reexamines the financial leverage effect, proposing that the system of risk-evading self-expansion, financial derivative products, which transfer credit risks, and the conflicts of monetary policies are the essential causes for the expansion of subprime crisis into global financial field.

汇率不再是海啸的罪魁祸首，文章重新审视当代金融的杠杆效应，揭示自我膨胀的风险逃避机制，金融产品过度衍生传递信用风险，货币政策的有效性冲突是次贷危机全球快速蔓延并形成传染效应的重要原因。

Through the establishment of error correction model found that the RMB exchange rate mechanism dislocation amended, stronger self-correction.

通过建立误差修正模型发现，人民币汇率错位修正机制存在，自我修正功能较强。

I am accused of being overreligious," she said in her quiet, frank manner,"but that does not prevent me thinking the children very cruel who obstinately commit such suicide.""

客人们在卡罗利娜·埃凯家里，举止就文雅一些，因为卡罗利娜的母亲治家很严厉。

Designed by French fashion house Herm è s, this elegant uniform was manufactured in our home, Hong Kong, and was the first without a hat.

由著名品牌 Herm è s 设计，这件高贵的制服是香港本土制造，是我们第一套不配帽子的制服。