This convergence will be reflected in some appreciation in what economists call the real effective exchange rate of the renminbi against other currencies . this will take the form of appreciation in the nominal exchange rate observed in the spot market , most notably the one against the us dollar , currently the main reserve currency of the world 价格融合将会使经济学家所指人民币兑其他货币的实质有效汇率上升，这调整可以透过名义汇率，尤其是兑美元现时全球的主要储备货币的汇价在现货市场上升。
On basis of this theory is constructed an econometric model simulating changes of renminbi ' s nominal and real exchange rates during 1995 - 2004 , by means of which is analyzed the value of renminbi against usd and described quantitatively the influence of sino - american consumption model , economic growth and macro monetary policy on the renminbi ' s exchange rate 根据上述理论,可建造一个反映人民币名义汇率和实际汇率在1995 - 2004变迁的计量经济模型，用其分析人民币对美元的价值，并从数量上描述中美消费模式，经济增长和宏观货币政策对人民币汇率的影响。
With the trend of openness and integration of globlal economy , exchange rate is playing more and more important role in influencing the allocation of global resources . the sensitivity of the price of tradale goods to exchange rate fluctuation becomes the focus of international economics because it is a critical vector and transmitter when an economy is confronted of exogenous impact . traditional international economics theory assume that nominal exchange rate fluctuation has complete pass - through effect , namely it ’ s change will introduce proportional change of tradable goods , then it will influence such macroeconomic vector as term of trade , import and export , inflation , employment , productivity , income allocation , and so on . from a microeconomic angle , including pricing to market , innovative behavior , menu cost and sunk cost , the paper probe into the pricing model of international enterprices under floating exchange rate and testify the incomplete pass - through of exchange rate and it ’ s detailed reason , then discuss the inspiration it has on china . it ’ s believable this kind of research will play a big part in china ’ s exchange rate scheme and some macroeconomic problems such as exchange rate tranmitting channel and effects , exchange rate fluctuating behavior 传统的国际经济学理论认为,名义汇率的波动具有完全的传递性( completepass - through ) ,即它的变化会引起同比例的进出口贸易品相对价格以及贸易品和非贸易品相对价格的变化,然后通过需求变动的支出转移效应( expenditureswitching )来影响国内经济的诸多宏观变量,如贸易条件、进出口贸易额、通胀水平、就业量、劳动生产率以及收入分配等,本文从依市定价( pricingtomarket ) 、创新行为、菜单成本以及沉淀成本等四个不同的微观角度,通过对浮动汇率下国际垄断竞争性生产厂商的定价模型具体而透彻的探讨,论证了汇率的不完全传递性并深入分析了决定汇率传递弹性的重要影响因素,阐述了该理论对人民币汇率的启示,这样的研究会对我国今后的汇率政策以及汇率的传导机制、传导效应、波动行为等宏观经济问题起到重要的作用。
Comparing 1985 - 1993 period with 1994 - 2000period , we found that high level of fdi inflow after 1993 and comparative rapid technology progress rate of tradable department comparing to nontradable department are main reasons driving china " s persistent trade surplus after 1994 . without a modest adjustment of exchange rate , china " s trade surplus will continue although it " s harmful for macroeconomic stabilization and economic growth 1985 - 1993年(贸易平衡时期)和1994 - 2000年(贸易顺差时期)两个时期相比较，国外直接投资和贸易品部门相对较快的技术进步率对后一个时期贸易顺差的贡献显得尤为突出，名义汇率的非及时调整也是贸易持续顺差的必要条件。
As a result , nominal exchange rates remained stable versus the dollar during the first quarter of 2002 , while those not pegged to the dollar for the most part appreciated moderately in the second . indonesia and korea , which appreciated roughly 20 percent and 10 percent respectively , were exceptions 结果，对美元的名义汇率在2002年第一季度保持稳定，没有与美元挂钩的货币汇率在第二季度大都温和上升，但印度尼西亚和韩国除外，这两个国家货币的汇率分别上升约20 %和10 % 。
