The foreign businesses of our commercial bank are developed quickly , but the risks management is still at a weak stage . researching the current situation and the management of the risks in foreign businesses has strategic meanings 而我国由于长期处于实质上的固定汇率制度,外汇市场发展相对落后,再加上银行管理层对外汇市场的波动认识不足,使得目前我国商业银行的外汇风险管理相对落后。
Because of characteristics of chinese economy , neither hard fixed exchange rate system ( currency board system or currency union ) nor pure floating exchange rate regime is suitable for china , as result , china will weight the middle grounds 由于中国经济的特点，中国不可能实行完全浮动的汇率制度，也不可能实行极端的固定汇率制度(如货币局制度和货币同盟) ，中国必然选择中间汇率制度。
We thought it would be prudent , before making any announcement , to seek a second opinion from someone who had developed a similar proposal and had given us sight of a paper ahead of its publication in the asian monetary monitor 为了审慎起见，我们决定先听一下一位曾经提出过类似构思的业内人士的意见。这人正是祈连活john greenwood ，他当时曾经让我们先睹一篇他将于亚洲货币监察刊登有关固定汇率制度的文章。
This reform would be the first step for us to transform our exchange rate system from fixed exchange rate to float exchange rate . however , accompanying the reform , a series of new problems are aroused , among which the increase of exchange rate risk is quite prominent 这次人民币汇率制度改革是我国由固定汇率制度向浮动汇率制度转变所迈出的第一步,因此改革带来了一系列新的问题,尤其是汇率风险加大的问题。
The current exchange rate arrangement among yen , dollar and euro fully meets the requirement for the free capital mobility , while the pursue for more national policy independency thus less policy coordination leads to the great disorder in exchange market 90年代，不断扩大的资本流动总体上要求更有弹性的汇率安排，或者是国与国之间更有效的政策协调，缺乏适当的调整导致了一些国家的固定汇率制度受到资本流动的冲击。
The existing renminbi exchange rate regime is a fixed exchange rate regime pegged at the us dollar , which is inherently unstable , lacks the function of ironing out exchange rate fluctuations and , to some extent , weakens the effectiveness of the central bank ' s monetary policy 摘要现行人民币汇率制度是与美元挂钩的固定汇率制度，这种固定汇率制度具有内在的不稳定性，缺乏烫平汇率波动的功能，一定程度上削弱了央行货币政策效力。
Then , how to find the truth ? second , when thinking the background of the problem and see further , you may feel confused , why the state of the economy today drew us a picture like that ? wasn ’ t the pegging system that sanded the countries up 第二、考察这些问题的背景是东南亚金融危机结束后的近几年,而且研究对象中的大多数在危机中受到了重创,按逻辑这显然出现了矛盾,危机前实行钉住制的国家在经历了金融危机后又在选择这种固定汇率制度。
In fact , with a view to enhancing the credibility of our exchange rate system , we have developed our monetary system to such an extent that there is little scope , if any at all , for the hkma to exercise a discretionary influence on interest rates 然而，相信大家亦知道，在固定汇率制度下，金管局对港元利率所发挥的影响力其实非常有限。事实上，为了加强港元汇率制度的公信力，我们已将货币制度逐步完善，令金管局可以酌情影响利率的空间变得微乎其微。
