中间汇率

汇率目标区是一种中间汇率制度。

Exchange rate target zone is a kind of the exchange rate .

中间汇率制度安排的理论沿革与中国实践借鉴

Theory Evolution of Intermediate Regime and their Implication for China

中间汇率制度下货币、财政政策效应比较及政策建议

Comparison between Effects of Monetary Policy and Financial Policy under Intermediate Regime

中间汇率制度思想起源与演进

The Origin and Development of the System of Medial Rate

中间汇率制度是金融改革可取的现实选择。

The system of medial rate is a practical choice of financial reform .

中间汇率制度与金融脆弱性&兼论我国汇率制度的选择

Intermediate Rate Regime and Financial Fragility

中央银行较独立的中等收入国家更倾向于选择和维持中间汇率制度；

Middle-income countries with independent central banks are more likely to choose or maintain intermediate exchange-rate regimes ;

因此，新兴国家采用中间汇率制可能仍是比较合适的选择。

So the " intermediate regime " is probably the more suitable choice for the emerging-market country .

中间汇率是买入汇率和卖出汇率的算术平均数。

Middle rate is the arithmetic average rate of buying rate and selling rate , used for inter-bank .

注：外币折本币所用汇率为当年最后一个交易日的中间汇率。

Note : The exchange rates of foreign currencies for RMB are the middle rates of exchange on the last market day in current year .

国际汇率制度的演变历史与现状也无法提供中间汇率制已经消失或正在消失的实践证据。

The evolution and the present situation of the international exchange rate regime also can 't provide the practical evidence for the " intermediate regime " disappeared or disappearing .

与国际上汇率制度选择的现实相适应，近年来理论界提出了中间汇率制度消失论。

To adapt to the reality of international choice of exchange rate regime , in recently years , the vanish of intermediate exchange rate regime has been put forward theoreticly .

中间汇率制度思想起源于第二次世界大战期间的美国，20世纪60年代被重新修订，提出汇率宽区间和爬行钉住计划；

It emerged during the Second World War in USA and was revised in the 1920s for adding the " wide range of rate " and " crawling peg " .

一国要结合实际经济情况选择合意的汇率制度，也变相否定了中间汇率制度消失论。

The actual economic situation of one country determines the choice of the appropriate exchange rate regime , which at the same time denies the " Hypothesis of the Vanishing Intermediate Regime " theory .

但是，随着资本项目的不断开放，新兴国家应不断增加汇率弹性，从一种偏向于较为固定的中间汇率制转向一种偏向于较为灵活的中间汇率制。

But following the opening of the capital account , the emerging-market country shall add the flexibility of the exchange rate regime and turn to the more flexible intermediate regime from the less one .

理论和现实都已证明：中间汇率制度政策透明度低、承诺可信性程度低，且存在隐性担保问题，因而较两极汇率制度更易引发货币危机；

It has been proven in theory and reality that the characteristics of intermediate exchange rate regimes are lower policy transparency , lower extent of promise credibility and worse implicit insurance , which give rise to currency crises more compared to two-poles-regimes .

在中国金融渐进开放过程中，人民币汇率制度的变革趋势应是选择符合中国实情的中间汇率制度，同时要逐渐扩大人民币汇率浮动幅度。

In the course of China financial sector openness to other countries , the reform trend of the RMB exchange rate regime should choose intermediate regimes that adapts to china actual circumstances , under this exchange rate regime , the floating range ought to be gradually enlarged .

本文通过对发达国家实行浮动制的经验和我国国情的具体分析，论证了我国不可以选择自由浮动制，同时在理论上分析了进一步开放并不排斥中间汇率制。

After analysing the experience of the developed countries and the situation of China , it is concluded in the paper that the free floating exchange rate is not fit for the country and a middle choice of the exchange rate is feasible for a more opening economy .

中间与两极汇率制度选择&趋势研究及实证分析

The Choice of Middle and Bipolar Exchange Rate Regime & Trend Study and Empirical Analysis

汇率制度可以分为两种类型：固定汇率制度和浮动汇率制度。然而实际上存在着多种不同的中间状态的汇率制度。

There are two broad types of exchange rate regimes : the Fixed Exchange Rate Regime and the Flexible ( Floating ) Exchanges Rate Regime .

中国央行围绕汇率中间价管理汇率，每日允许有0.5%的上下波动幅度。

The central bank manages the currency around its central parity rate , allowing it to fluctuate by 0.5 per cent on any one day .

中国每日都会确定人民币兑美元汇率中间价，人民币汇率在经过数年的升值后，从去年7月份以来兑美元相对持稳。

China sets the currency 's exchange rate daily , and after years of letting it rise has kept it relatively stable since July .

中国央行今年2月底开始出手干预，推动人民币兑美元下跌。中国央行下调了其每日公布的人民币对美元汇率中间价（人民币汇率可以围绕这一中间价上下浮动2%）。

The PBOC started intervening in late February to drive down the yuan 's value against the dollar . It guided its parity rate the daily rate at which the yuan is allowed to trade 2 % either way lower against the dollar .