有管理的浮动汇率制度

肮脏浮动或有管理的浮动汇率制度是指技术上的汇率是自由浮动，但政府可能干预不时。

Dirty floating or Managed floating exchange rate system means the exchange rate is technically free to float , but governments may intervene from time to time .

回归有管理的浮动汇率制度，是实施这一战略的适当选择。

Returning to the managed floating system is obviously the appropriate selection for China .

1994年，人民币汇率制度进行了改革，确定为以市场为基础、单一的有管理的浮动汇率制度。

In 1994 , RMB exchange rate regime was changed into market-based , single , managed floating exchange rate .

中国的汇率制度实质是一种固定汇率制，存在自身的体制缺陷，中国汇率制度的选择是建立真正的有管理的浮动汇率制度。

The ever-attracting issue of RMB exchange rate makes China to have a change in the choice of exchange rate system .

我国的经济背景及国际环境决定了人民币放弃钉住美元的大趋势，但我国还不具备直接向浮动汇率制度转换的经济条件，因此，有管理的浮动汇率制度将是明智的选择。

According to the economic background of our country , the managed float exchange rate system is the best choice for China .

但在建立有管理的浮动汇率制度过程中的人民币小幅升值不会诱致房地产泡沫膨胀或崩溃。

But , when building the manageable floating system of exchange rate , small amount of appreciation will not blow up the bubble .

今后，我国有必要改进人民币有管理的浮动汇率制度，使汇率更多的反映市场供求信号。

There is necessary to reform the managing floating system of RMB and make exchange rate reflect more demand and supply in market .

从此人民币汇率告别长达10年的固定汇率体制，进入了有管理的浮动汇率制度。

Since then , the RMB exchange rate bid farewell to a 10-year fixed exchange rate system into a managed floating exchange rate system .

我们要完善有管理的浮动汇率制度，保持人民币汇率在合理、均衡水平上的基本稳定。

We will improve the system of managed floating foreign currency exchange rates and keep the Renminbi exchange rate basically stable at an appropriate and balanced level .

由于我国实行的是有管理的浮动汇率制度，针对外汇市场上过多的外汇，央行会为了维持汇率的稳定，实施相应的干预措施。

Since we implement the managed floating exchange rate system , the central bank carries out the corresponding intervening measure to aim at the overmuch foreign exchange .

通过对各种汇率制度的比较，结合中国经济金融实际情况，提出有管理的浮动汇率制度是人民币汇率制度的一个相对较优的近期选择；

Then second , after comparing different kinds of regimes and considering China 's economy , it proposes a managed floating exchange rate regime is a comparatively better option .

我国目前仍实行有管理的浮动汇率制度，因而能否适时适度地调整汇率水平使其服务于宏观经济目标是非常迫切且现实的问题。

China is currently implementing a managed floating exchange rate system . It is urgent to adjust the exchange rate timely and appropriately so as to serve the macroeconomic level .

2005年7月21日起，人民币开始实行有管理的浮动汇率制度。

On 21 July 2005 , China announced the reform measures of Renminbi exchange rate regime , shifting to a more flexible managed float with reference to a basket of currencies .

与其它经济计量方法相比较，网络模型新颖，具有较好的预测精度及效果，为施行有管理的浮动汇率制度提供了理论参考。

Compared with the other economical estimate methods , the new network model is novel , has better forecast precision and effectiveness and provides the theoretical reference for the execution of managed floating exchange rate .

当前我国实行的有管理的浮动汇率制度并不是最终的汇率选择，未来我国的汇率可能实现完全浮动，汇率制度的变更会导致汇率波动更加频繁和剧烈。

Nowadays , managed floating exchange rate regime which used in China is not a judicious choice , exchange rate would realize the fully floating in the future , which led to more frequent and drastic fluctuations .

改进人民币汇率形成机制，完善以市场供求为基础的、有管理的浮动汇率制度。

Efforts will be made to improve the Renminbi exchange rate formation mechanism and complete the floating exchange rate system that is based on the demand-supply relationship in the market and is subject to the management of relevant authorities .

2005年7月21日，我国政府结合经济发展的实际情况，果断推进人民币汇率制度的改革，即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。

Faced with international pressure for RMB appreciation and the actual situation of economic development , we implemented a market-based , with reference to a basket of currencies , a managed floating exchange rate regime in the July 21,2005 .

自从2005年7月以来，我国开始实行以市场供求为基础，同时进行参考一篮子货币进行调节并且有管理的浮动汇率制度之后，人民币升值问题成了经济热点问题之一。

China began to implement Managed Floating Exchange Rate based on market supply and demand , simultaneously reference to a basket of currencies on July 21st 2005 . RMB appreciation problem has become one of the economic hot issues .

同时，我国宏观经济各方面对于国际油价的波动的反应存在不同的滞后期，由于我国采取有管理的浮动汇率制度，人民币汇率对国际油价波动的滞后期为最长。

At the same time , these indicators have different reaction lag of international oil price fluctuate . Because China adopted a managed floating exchange rate system , the exchange rate fluctuations on international oil prices is the longest lag .

此后，人民币不再单一的盯住美元变动，而是在汇率市场的供给和需求的基础上，人民币参考一篮子的货币变动的有管理的浮动汇率制度。

And RMB was no longer only pegged to the changes of the dollar . On the basis of supply and demand of the exchange rate market , RMB referred to a basket of currencies in a managed floating system .

目前利率市场化改革已经进入实质性阶段，利率汇率机制必将发挥更大的作用，缺乏弹性的管理有余而浮动不足的有管理的浮动汇率制度已经不能适应对宏观金融风险进行管理的需要。

Present , the reformation of interest rate enters into substantiality stage and inelastic manage-floated Exchange rate regime meet our requires The paper probing deeper into interest rate-Exchange rate mechanism , seeking an Exchange rate regime prompt integrity and economy development .

要跳出固定汇率制、货币错配风险积累和巨额外汇储备的循环怪圈，应该从推进人民币可自由兑换进程和实行真正意义上的有管理的浮动汇率制度入手。

To jump out of the strange circle among fixed exchange rate , currency mismatch risk and large amount of foreign currency reserve , we should push forward the practice of freely exchanging RMB and implement the managed flexible exchange rate .

在我国，自1994年汇率并轨以来，人民币汇率制度经历了从单一钉住美元的固定汇率制度到参考一篮子货币的有管理的浮动汇率制度的过程。

In our country , since the unification of exchange rates in 1994 , RMB exchange rate regime has gone from a single pegged to the dollar to a managed floating exchange rate regime with reference to a basket of currencies .

1994年起，我国建立起了以市场供求为基础、单一的、有管理的浮动汇率制度，这使人民币汇率变动对我国贸易发展的影响更加显著。

From 1994 , our country has set up single floating exchange rate system with management which is based on market supply and demand . This makes the alteration of exchange rate of RMB has more remarkable impact on China 's trade development .

我们的改革主要是改变单一的盯住美元，而实行根据市场需求，参照一篮子货币，有管理的浮动汇率制度。

The main aspect of our reform is to de-peg the Chinese yuan from the US dollar . We pursue a managed , floating exchange rate regime on the basis of market supply and demand and with reference to a basket of currencies .

自2005年7月21日以来，我国开始实行以市场供求为基础，参考一揽子货币进行调节的有管理的浮动汇率制度，对外直接投资企业和外贸企业面临的外汇风险越来越大。

Since 2005 7 21 , our country has began to carry on the administrative floating rate system which based on market-supply-demand referencing basketful currency , and the exchange risk facing the direct external investments enterprise and foreign trade enterprise is more and more great .

1994年以来我国开始实行了“有管理的浮动汇率制度”，但其实质仍然是盯住美元的固定汇率制度，容易受到大量游资的投机冲击，存在着重新选择的必要。

Since 1994 , our country exchange rate mechanism has carried out the managed floating rate , but it is still a single pegged exchange-rate system , which is easily being attacked by the lots of floating capital , existing the necessary of the new arrangement .

在当前升值压力巨大的背景下，我国应当采取独立自主的汇率政策，维持人民币汇率的稳定，继续实行有管理的浮动汇率制度，同时渐进式调整完善人民币的汇率形成机制。

So , under the pressure from appreciation of RMB , we should adopt independent exchange rate policy , keep the RMB exchange rate stable and practice directive floating rate institution . Meanwhile , the formation of RMB exchange rate mechanism should be adjusted and improved gradually .

自2005年7月21日起，我国进行了完善人民币汇率形成机制改革，实行以市场供求为基础，参考一篮子货币进行调节，实现有管理的浮动汇率制度。

Since July 21 , 2005 , our country carried on the RMB exchang rate reform . The implementation takes the market 's supply and demand as the foundation , carries on adjustment according to " a basket " currency and realises the floating exchange rate system .

基于此，央行未来将基本退出常态式外汇干预，寻求建立以市场供求为基础，有管理的浮动汇率制度，今后人民币汇率双向波动趋势或更加明显并将成为常态。

Based on this , the central bank in the future will gradually exit the normal type of foreign exchange intervention , seek to market-based and regulated floating exchange rate system . The bidirectional fluctuation of RMB exchange rate trend will be more obvious and become the norm .