The new exchange rate regime has been described as " a managed floating exchange rate system " , where the exchange rate is adjusted on the foundation of " market supply and demand with reference to a basket of currencies " 当然改革至今时日尚短。新的人民币汇率机制被形容为有管理的浮动汇率制度，其中汇率以市场供求为基础参考一篮子货币进行调节。
Indeed , no such move is called for given the economic and structural circumstances of the mainland and the declared exchange rate policy of a managed float while pursuing capital account convertibility for the currency 按照内地的经济及结构状况，以及其实行有管理的浮动汇率制度和逐步实现人民币资本项目可兑换的政策，实在没有需要再作一次性地调整人民币汇率。
Therefore , if we want that exchange rate can run to balance automatically , it is consequential to extend the floating range . however , no matter which system has been chosen while transferring toward the floating rate of 然而在向浮动汇率制度过渡时,不管选择的是那种汇率制度,涉及到的方面主要是:放开单日汇率浮动区间、汇率提高(这是任何发展中国家向发达国家
Turning to the exchange rate policy of the renminbi itself , it is my understanding that a managed float has been in practice for some time and that there is no intention to depart from this in the immediate future 说回人民币本身的汇率政策。据我了解，内地实行管理式浮动汇率制度已有一段日子，短期内也无意放弃。事实上，过去几年人民币一直在极细小的波幅内上落。
Every monetary authority has its own inclination to choose suitable exchange rate arrangement for the country . however , from the global perspective , more flexible exchange rate arrangement seems to be historical trend 但是，不论是发达国家还是发展中国家，全球汇率制度选择的一个历史趋势就是各国的汇率制度朝着更有弹性的方向发展，实行浮动汇率制度成为一种必然。
A flexible system will provide china with a more sophisticated array of policy tools - - namely an independent monetary policy - - that will prove much more effective in achieving price stability and the ability to adjust to shocks 斯诺要求中国采取进一步行动，保障向浮动汇率制度顺利过渡。如等到全世界各地限制贸易的压力与日俱增，使国际贸易制度的开放性受到破坏，则为时已晚。
On jul , 21st , 2005 , the people ’ s bank of china announced the reform of the rmb exchange rate management system . the exchange rate of rmb will no longer be pegged to u . s . dollar and will be priced in reference to a basket of currencies 布雷顿森林体系崩溃后,浮动汇率制度成为主要工业化国家的汇率制度,但完全的浮动汇率制度在现实中是不存在的,都或多或少地带上了管理浮动汇率制度的色彩。
On july 21 , 2005 the people ’ s bank of china announced that starting from july 21 , 2005 , china will reform the exchange rate regime by moving into a managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies 2005年7月21日,中国人民银行宣布:自7月21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节、有管理的浮动汇率制度。
With steady progress clearly being made , the most effective way at this time to achieve the goal of a flexible , market - based exchange rate in china is to maintain the persistent engagement we have established rather than through a trade petition 在明显取得稳步进展的情况下，为使中国实现以市场为基础的浮动汇率制度，目前最有效的方法不是求助于贸易申诉，而是保持我们已建立的关系持续进行接触。
