官方外汇市场

官方外汇市场操作制度安排比较分析&以美国、欧盟、英国和日本为例

A Comparative Study of Institutional Arrangement of Foreign Exchange Operations-Experience of US , EU , UK and Japan

冲销即通过发售国内票据，消除官方干预外汇市场产生的多余流动资金，这不仅仅是可行的，甚至还极为有利可图&如果愿意忽视最终遭受巨额资本损失的风险。

Sterilisation – the sale of domestic securities to mop up the excess liquidity generated by official intervention in foreign currency markets – is not merely feasible , but even highly profitable , if one is prepared to ignore the risk of a large ultimate capital loss .

当然，这也并不是说日本官方不能干预外汇市场。

Of course , that does not mean that Japanese authorities cannot intervene in currency markets .

1994年1月1日，我国的外汇管理体制进行了重大的改革，人民币官方汇率与外汇调剂市场汇率并轨，实行了以市场供求为基础的、单一的、有管理的浮动汇率制。

The official exchange rate and the foreign currency swap market exchange rate were unified . The managed floating exchange rate system based on market supply and demand was implemented .