汇率调整

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。

And on the international side, when we talked about the exchange rate, it's two money, two currency's relationship, when dollar continue to fall, how you can keep rate stable and if you do the big step, you still don't know, if you can get the equilibrant or not.

站在国际的角度来看，我们所探讨的汇率问题，是两种币种间的关系，当美元不断贬值时，你怎样保持汇率稳定？即使你做出调整汇率的重大举措，也还是无法肯定，两方能否达到均衡。可能它暂时均衡了，但过了三四个月或半年，美元又贬值了。

The adjustment of exchange rate system this time...

这次汇率制度的相机调整，较好地抓住了发展机遇，为下一步我国汇率制度的深度国际化奠定了坚实的基础。

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。

And market-oriented regulation of the representativeness of the parameters of the tools, practices, interest rates and exchange rates.

在利率和汇率的调整过程中，利率水平和汇率和利率重估汇率形成机制的改革，必然需要伴随事迹。

Although the third sentence — the one blamed for causing elevated volatility since November — may be rephrased, I do not believe it will be dropped since it is still the US's desire to see the market have more say in determining exchange rates, particularly when the USD index is descending in an orderly manner.

许多人指责正是第三句话导致11月份之后的汇率波动加剧了，因此，第三句话的措辞可能会有所调整，但我认为，七国集团的新公报不会去掉这句话，因为美国希望市场在决定汇率方面发挥更大的作用，在美元汇率有序下滑的情况下就更是如此。

If some countries manage their exchange rates and keep them artificially low, the burden of adjustment falls on some countries that do not manage their exchange rate so actively.

如果某些国家管理它们的汇率、人为压低汇率，那么调整的负担就会落在一些不那么积极管理汇率的国家身上。

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。

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。

As Goldman Sachs notes, inflation was 3.2 per cent in the year to December against minus 0.4 per cent a year before. In 1971, Richard Nixon imposed an across-the-board import surcharge as a way to force currency realignments.

高盛预测，在截至去年12月份为止的一年中，中国的通货膨胀率为3.2％，而一年前的通货膨胀率为负0.4％。1971年，美国总统理查德#尼克松实施了全面进口特别关税，以便强制的汇率调整。

But we don't care about Battlegrounds.

但我们并不在乎沙场中的显露。

Ah! don't mention it, the butcher's shop is a horror.

啊！不用提了。提到肉，真是糟透了。