The rate is set by the central bank each day as the central parity for foreign exchange trade . the closing price was also the lowest since china allowed the renminbi to appreciate by 2 per cent against the us dollar to 8 . 11 last july , and linked the currency to a basket of currencies instead of the 在去年7月进行的汇制改革中，人民币兑美元汇率升值2 ， 1美元兑人民币8 . 11元，此外，人民币与单一的美元脱钩，开始与“一篮子”货币相挂钩。
For those economies with fixed exchange rates , balance of payments surpluses led to an increase in reserves . with inflation close to zero in many economies , those with floating but managed exchange rates intervened to slow the pace of exchange rate appreciation in order to reduce the risk of deflation 在许多经济体通货膨胀接近于零的情况下，实行管理式浮动汇率的经济体为了降低通货紧缩的风险，采取了干预手段以减缓汇率升值的速度。
At the same time , the paper analyzes the shortcomings of the current regime of rmb ' s exchange rate in the new economic background , especially after china ' s accession to wto and puts forward some advice to the orientation , the destination and steps of the reforms 实证结果表明，从长期来看，经济增长、外汇储备的增加、以及日元对美元的升值，都会使人民币汇率升值；而货币供给增加、中美消费物价指数之比增加、开放度增大，会使人民币汇率贬值。
As readers are aware , expectations of an appreciation of the renminbi exchange rate and speculation that the hong kong dollar exchange rate might appreciate along with it had caused our interest rates to be significantly lower than those of the us dollar , despite successive increases in the latter 相信读者都知道，当时由于市场对人民币汇率升值的预期以及猜测港元汇率可能会跟随人民币升值，因此即使美元已连番加息，港元利率仍然大幅低于美元利率。
What infection will the rmb exchange rate reform produce on the development of economy and social live of china ? the text goes deep in to analyze the background , elaborates the principle of a basket of currencies mechanism and answer the question above . there are five part of the paper 得出了“人民币汇率在今后一段时间内并没有可持续的升值预期,这是由中国作为一个发展中国家的地位和汇率风险升水评价所决定的,目前对人民币汇率升值预期不是来自真实的市场压力,而是有关利益集团”的结论。
The large amount capital inflow can cause the currency and the credit expansion , the inflation pressure , exchange rate appreciation as well as worsen the international payment balance account ; looked from the financial angle that , the capital class joins a society the initiation loan unrest , causes the stock market and the real estate market excessively prosperity 从宏观经济角度来看,巨额的外资流入会引起货币和信用的扩张,通货膨胀压力增加,实际汇率升值以及国际收支中经常账户的恶化;从金融角度来看,资本流入会引发贷款风潮,导致证券市场和不动产市场的过度繁荣。
July 21 , 2005 , people ' s banks issued announcement : " today , our country to start to implement take the market supply and demand as the foundation , refers to a basket currency to carry on the mediation , has the management the floating exchange rate system . at the same time , the rmb & us dollar exchange rate rises 2 % 2005年7月21日,人民银行发布公告: “即日起我国开始实行以市场供求为基础,参考一篮子货币进行调解,有管理的浮动汇率制度” ,同时,人民币对美元汇率升值2 % ,调整为1美元兑8 . 11元人民币。
Financing policies like repeatedly reducing interest rate play an active role in investment , production and employment , let alone their extended functions , including increase of industrial profit , decrease of the cost of state debts , change of the anticipation of the economic subject , reduction of the pressure upon interest rate multiplication and increase of importation 利率连续下调等货币政策操作对投资、产出、就业具有不可替代的积极效果，其传导机制包括增加企业利润、降低国债成本、改变经济主体预期、降低汇率升值压力并增加进口等。
