干预货币

干预货币：中央银行用来对外汇市场进行正式干预的货币。

Intervention currency : currency used by central bank for official intervention in the foreign exchange market .

但这一结果在其它地方并不受欢迎，尤其是法国和欧洲央行。欧洲央行不希望IMF干预货币政策。

But the outcome was unpopular elsewhere , not least in France , and with the ECB , which does not want the fund to intervene in monetary policy .

日本是目前唯一直接干预货币市场使本国货币贬值的发达国家。

The Japanese are so far the only rich country to intervene directly in the markets to weaken their currency .

它会在产生意想不到的副作用，尤其是在其他国家央行也积极干预货币市场的时候。

It gives rise to unintended secondary effects , especially when other central banks are also aggressively intervening in money markets .

如此大规模的干预货币汇率，只是为了保持中国出口产品在国际市场上的竞争优势，及维持中国出口部门数百万工作机会。

The goal of this massive currency intervention has been to preserve the competitiveness of Chinese exports in world markets , and to preserve millions of jobs in Chinese export factories .

但很多新兴经济体大规模干预货币市场，主要是为了保持出口竞争力和大额经常账户盈余（或者压低经常账户赤字）。

But many emerging economies have intervened in currency markets on a huge scale , principally in order to keep export competitiveness and current account surpluses up ( or current account deficits down ) .

外汇储备、外汇交易量与CHIBOR利率的VAR模型（2000～2004）&兼论三元悖论下冲销干预与货币政策的独立性

A VAR Model of Foreign Exchange Reserve , Foreign Exchange Trading Volume and CHIBOR : 2002 ~ 2004

美国财政部和美联储（Fed）前官员、目前供职于华盛顿彼得森国际经济研究所（PetersonInstitute）的泰德杜鲁门（TedTruman）表示：把干预和货币政策混为一谈可能是危险的。

Ted Truman , a former US Treasury and Federal Reserve official now at the Peterson Institute in Washington , says : Mixing up intervention and monetary policy can be dangerous .

在一些国家，汇率干预与货币政策紧缩行动同时进行。

In some countries , currency intervention is already coinciding with monetary tightening .

日本银行干脆收购股票，而瑞士国家银行已经干预了货币市场。

The Bank of Japan has bought equities and the Swiss National Bank has intervened in the currency markets .

毫无疑问，亚当。斯密已经看到，尽管国家能够干预电子货币，并不意味着它就应该这样做。

As Adam Smith would no doubt have observed , just because the state can pry into electronic cash does not mean it should .

在新兴经济体中，答案是它们一直在以庞大规模干预其货币市场。

In the case of the emerging economies , the answer is that they have been intervening in their currency markets on a simply enormous scale .

冲销干预作为货币政策操作的一种，对实现货币政策目标、保持货币政策的独立性具有重要意义。

As a kind of monetary policy , sterilized intervention has a great significance in achieving the monetary policy objective , and maintaining the independence of monetary policy .

由于中国改革的实际情况所致，凯恩斯所主张的国家积极干预的货币政策理论在中国目前的运用并不理想。

Owing to the real conditions of China 's reform , the application of Keynesian theory of monetary policy with the positive government intervention has not been so effective as expected .

屡次对货币市场进行干预未能阻止货币价值下跌。

Repeated interventions on the currency markets have failed to prevent the valure of the currency falling .

另一方面，部分新兴市场通过在外汇市场的冲销式干预来遏制货币升值，这是加剧通胀的处方，最终将导致真正的升值。

On the other , fighting appreciation through partially sterilised intervention in currency markets is a recipe for more inflation , which eventually leads to real appreciation .

汇率制度一直都影响着我国货币政策的实施效果，尤其是近几年随外汇储备增加带来的外汇占款问题以及以央行票据为代表的冲销干预政策使得货币政策的实施效应产生更复杂的影响。

Especially in recent years , along with the increasing in reserves and the foreign exchange as a representative of the central bank bills in sterilizing intervention policies , the monetary policy effect is more complex .

由于日本央行（BankofJapan）决定向市场注入日元，用于买进美元，这将增加总体流动性，周三的单方面干预也标志着货币政策的进一步放松。

The unilateral intervention on Wednesday also marks a further easing of monetary policy , since the Bank of Japan has decided to leave in the market the yen which were used to buy dollars , where they will add to general liquidity .

在中国的政策组合中，有一项就是对这些干预行动产生的货币后果进行冲销。

One tool in the policy box was to sterilise the monetary consequences of these interventions .

然后，本文最后提出优化冲销干预效果、增强货币政策独立性的政策建议。

In the end , the paper puts forward some suggestions for improving the sterilization efficiency and monetary policy independence .

亚洲各国央行一直在增加市场干预，以抑制货币升值，从而为这些企业提供帮助。

Asian central banks have been trying to help by stepping up market intervention in an attempt to restrain currency appreciation .

无论如何，所有对银行的救援、对信贷市场的干预和宽松的货币政策，都只能做到目前的水平。

However , all the bank rescues , credit interventions and looser monetary policy will only get the world so far .

的确，如果资本流动压力太大，这些国家可能会在今年晚些时候加大干预，甚至转变货币政策。

Indeed , stepped up intervention here , or even shifts in monetary policy could emerge later this year should capital-flow pressures prove too much .

当市场拒绝向联邦政府提供资金的时候，美联储就会进行干预，通过印发货币的方式来偿还国家债务。

When the market stops giving money to the federal government , the Fed can step in and print it , to monetise national debt .

人们预计，尽管亚洲许多国家央行近期入市干预，但亚洲货币兑美元汇率将继续保持升势。

The expectation is for Asian currencies to continue their upward trend against the dollar despite some recent market intervention across the region by various central banks .

由于货币升值会对出口商造成不利影响，日本和瑞士政府对这样的升值压根儿提不起兴趣，两国都实施相应的干预措施以防止货币进一步升值。

But the Japanese and Swiss authorities have been none too keen on this strength ( because of the impact on exporters ) and both have intervened to prevent further appreciation .

信号渠道假设部分，首先对外汇干预师范发出未来货币政策的信号进行协整分析，其次对外汇干预、货币政策变量和汇率进行回归分析。

As for the hypothesis of signal channel , co-integration analysis is performed on the " signal " that influences the future policy about the foreign currency . Second , curve regression analysis is accomplished on the foreign exchange intervention , policy variables and exchange rate .

他们采用一个标准的宏观经济模型，评估在不实施任何干预，即没有金融干预（包括货币政策）以及财政举措的情况下，结果会怎样。

They use a standard macro-economic model to assess what would have happened without any intervention , without the financial interventions ( including monetary policy ) and without the fiscal action .

首先，中国当然是一个汇率操纵者，其行为与这一称号的定义吻合：中国大规模干预外汇市场，还采取措施冲销这种干预的货币政策后果。

First , of course , China is a currency manipulator . It is so in a precise sense : it intervenes very heavily in the foreign currency market and it also sterilises the monetary consequences of the intervention .