For losing athletes , there are no excuses . unlike chief executives , they cannot blame ad - verse market conditions , currency movements , sars , the iraq war , the wet summer or the mild winter 运动员一旦失败，是没有藉口可讲的。他们不同于执行长们，不能去归咎不利的市场形势、汇率变动、 sars 、伊战、夏季多雨，或是暖冬。
But it is difficult to tell whether movements in the last few months are the beginning or the end , and it is impossible to predict the extent of the adjustment . many other factors are at work 然而，我们难以断定过去几个月美元汇率变动情况只是开始，还是渐告一段落，亦无法预测有关的调整幅度，因为当中受许多其他因素影响。
The latter was partly a result of the valuation effect of exchange rate changes , as the us dollar , to which the hk dollar is linked , appreciated strongly against most other major currencies 非美元外币存款下跌，部分是因为汇率变动而引起的估值效应所致。而汇率出现变动则是受美元港元与美元挂钩兑大部分其他主要货币均大幅升值所影响。
This paper tries to describe china ' s exchange rate and exchange rate system and expounds the impact of the fluctuation of exchange rate on china ' s tourism industry and the preventive measures that the tourism enterprises should adopt 本文试图从我国汇率及汇率制度的变化入手，阐述汇率变动对我国旅游业的影响，以及旅游企业所应采取的相应防范措施。
Such convergence can take place through changes in prices or in the exchange rate of the two currencies : in practice we are likely to see both , even if it is the exchange rate adjustment that is attracting attention just now 价格融合可透过价格变动或货币汇率变动来达成，按照现时实际情况来看，似乎两者都会发生，只是目前汇率的调整较惹人注视吧了！
The latter s increase could be partly a result of the valuation effect of exchange rate changes , as the us dollar , to which the hong kong dollar is linked , depreciated against most other major currencies during the month 非美元外币存款的上升，部分可能反映汇率变动的估值效应，因为在月内美元兑大部分主要货币的汇率均告下跌，令到跟美元挂钩的港元兑这些货币的汇率也相应下跌。
The latter could be partly a result of the valuation effect of exchange rate changes , as the us dollar , to which the hong kong dollar is linked , appreciated against most other major currencies during the month 非美元外币存款下跌，部分原因可能是受到汇率变动的估值效应影响，因为美元在月内对大部分主要货币的汇率均有所上升，而在联系汇率制度下，港元对这些货币的汇率也相应上升。
China ' s exchange policy always stresses the stable exchange rate , pays more attention to the impact to economic entity that the risks caused by change in exchange rate , moreover , and chronically carries out the exchange policy to closely follow us dollar 摘要我国的汇率政策长期以来过分强调汇率稳定，过多考虑汇率变动对实体经济的影响和过于注重汇率变动所带来的风险，并长期实行盯住美元的汇率政策。
