摘要:本文是关于一篇The Impact of Exchange Rate Volatility on Exports: A Cross Country Analysis汇率波动对出口的影响:跨国家分析的英语翻译论文。
sket of currencies exchange rate changes, began to implement a managed floating exchange rate regime. The main purpose of the reform is to reform the socialist market economy system, so that the basic role of the allocation of resources in the market can be achieved. Since then, the dollar is no longer the only benchmark for the RMB exchange rate changes, the formation mechanism of the RMB exchange rate is more flexible. At this time the RMB exchange rate is determined to be 8.11 Yuan / use.
At the same time, the people's Bank of China on the RMB exchange rate fluctuations in the provisions: each time after the
statistics and the announcement of the inter-bank foreign exchange market in a variety of trading currencies and the RMB exchange rate, the closing price will be as the exchange rate floating in the middle of the next trading day. Due to the fluctuation range and the provisions of the intermediate price, although the RMB exchange rate system is a managed floating exchange rate system, and at that time the RMB appreciation pressure, but the RMB appreciation is still very limited. RMB exchange rate changes reflect the two characteristics: first, the change to see a very narrow; two is the exchange rate of RMB against the U.S. dollar exchange rate is very small. The real supply and demand in the foreign exchange market is very difficult to see from the RMB exchange rate changes.
January 4, 2006, inquiry and market maker system is introduced into the inter-bank foreign exchange market, and the formation of the stock market opening price of similar, the inter-bank foreign exchange market opened every day to all the designated market maker inquiry, all market makers quote by a certain calculation formula, finally get the day's opening price. Calculate the opening price, the first to get rid of one of the highest bid and a lowest offer, and then the weighted average remaining market maker quotes. The reform of the two RMB exchange rate formation mechanism is the most recent two, and the RMB exchange rate regime pegged to the U. S. dollar, the RMB exchange rate, so this article can only be August 2005 after the exchange rate data as effective data. As a result of the following reasons for the settlement of the RMB, select the data from September 2013 to January 2010.
Adjustment of the RMB exchange rate formation mechanism
When the internationalization of the RMB makes the capital projects open, it tends to flow in the capital, the RMB exchange rate regime change into a more flexible exchange rate regime by a managed floating exchange rate regime. Therefore, the following suggestions: the recent adjustment of the RMB exchange rate, the current exchange rate arrangements continue to maintain. At present, China's international balance of payments surplus, the deep financial crisis in countries in order to ease its own trade deficit, and constantly called for the appreciation of the RMB. If China let go of the strict control of the exchange rate of the RMB can save other countries and will not hinder their economic development, the RMB appreciation of the program is feasible. But the international speculators have already anticipated that the RMB may appreciate, as long as the opportunity to make a big profit. This reality, we will bring the appreciation of international investment capital into madness. In order to avoid the occurrence of this kind of situation, the RMB exchange rate must maintain a certain stability,
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