英语翻译《我国政府对人民币升值的对策文章》

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我国政府对人民币升值的对策
1、加强与区域货币合作。
20世纪60年代,蒙代尔提出了最佳货币区理论。他认为,经济密切相连的许多国家形式的区域,他们之间由贸易和要素移动相联结。如果他们之间产量水平较高和要素贸易移动较多,采取固定汇率对成员有利,他们决定加入货币区是因为取得效益大于失去自我宏观调节稳定经济(通过汇率变动)的益处。最佳货币区理论提出了以生产要素流动性作为建立最佳货币区的标准。在生产要素可以自由流动的区域内,实行固定汇率制度是可行的。最佳货币区实施的典范即为欧元区。基于此,中国东盟自由贸易区的建立,我国与东南亚国家的经济合作密切联系在一起,国家之间的贸易往来频繁。加强我国与东南亚国家的区域货币合作,一方面,减小因盯住美元的东亚货币,因人民币对美元浮动而与人民币汇率关系不稳定,从而稳定东亚国家间的贸易关系。另一方面,避免我国的人民币因大量依赖美元而带来的贸易冲击。
2、加强货币政策宏观调控,稳定汇率。
汇率变动会影响外汇收支的变化,导致国内资金市场供求关系发生变化,从而影响利率水平。一般而言,本币对外汇率上升,会抑制出口和外资流入,进而减少国内金融市场上的资金供给,利率便产生上升的压力。本币对外汇率下降,结果便相反。另一方面,利率水平也作用汇率水平,利率平价论认为,高利率国家,汇率远期贴水;低利率国家,汇率远期升水。因此,我国中央银行为避免人民币无限期地升值,需要相应地提高利率,产生国际利差,促使资本流入,带来国内基础货币投放增加、货币供应量上升的效应;在远期投资者将人民币换回外币,对人民币的需求减少,人民币升值压力减弱,远期贴水。稳定人民币的汇率。
3、完善人民币汇率机制。
循序渐进地进行汇率形成机制的改革,切实落实真正意义上的以市场供求为基础的有管理的浮动汇率制,充分发挥中央银行的滤波器的作用,追求汇率区间值的稳定性,使人民币汇率稳定实现从管理基础上的浮动向浮动基础上的管理机制转变;同时,循序渐进地开放资本账户,稳步推进人民币的国际化进程,增加人民币抗风险能力,使人民币汇率逐渐向完全自由的浮动汇率制度靠拢。因此需要从以下几个方面来推进改革:首先,理顺市场的供求关系。在防范风险的基础上,逐步放松对外汇需求的管制,实现从需求单向管制向供求双方调控的转变。其次,实现管理方式和手段的多样化。既包括中央银行对外汇市场的直接干预,也包括结合一定的宏观经济条件,通过调节本外币的供求量以及调整利率水平等方法进行综合调节。最后,适当扩大汇率的浮动区间和波动幅度,增强人民币汇率的弹性和灵活性,加快人民币的国际化进程。

供参考:
Our government countermeasures for the appreciation of the renminbi
1, to strengthen regional monetary cooperation.
In the 1960 s, walter mondale optimal currency area theory was put forward.Economy closely linked in many countries, he argues, area, in the form of elements by the trade and mobile phase coupling between them.If they move more, higher production levels and elements of trade between fixed exchange rate to benefit members, they decided to join the currency because they get benefits greater than lose yourself macro adjustment stable economic benefits (through the exchange rate changes).Optimum currency area theory is put forward to factor mobility as to establish the standard of optimal currency area.In the areas of production elements can free flow, a fixed exchange rate system is feasible.Model is the euro zone on the implementation of optimum currency areas.Based on this, the establishment of the china-asean free trade area, China is bound up with the countries of southeast Asia economic cooperation, trade between countries frequently.Strengthening our country with the countries of southeast Asia regional monetary cooperation, on the one hand, reduce the east Asian currency peg to the dollar, for floating the yuan against the dollar and the RMB exchange rate relationship is not stable, and stable trade relations between the east Asian countries.On the other hand, to avoid the yuan trade impact brought by heavy rely on the dollar.
2, strengthen the monetary policy macro regulation and control, stable exchange rate.
Exchange rate changes will affect the change of foreign exchange receipts and payments, lead to changes in domestic capital market supply and demand, which affects interest rates.In general, foreign currency exchange rates to rise, can inhibit exports and foreign investment inflows, thus reduce the money supply on the domestic financial market, interest rates began to rise.Foreign currency exchange rate drops, the result is opposite.Interest rates, on the other hand, also effects of exchange rate, interest rate parity theory argues that higher rates countries, currency forward discount;Interest rates low countries, currency forward premium.Therefore, China's central bank to avoid the yuan to rise indefinitely, need to raise interest rates, accordingly produce international spread, prompted capital inflows, bring the domestic monetary base on the increase, the effect of the rise of the money supply;In the long-term investors will change renminbi into foreign, reduced demand for the renminbi, the appreciation of the renminbi pressure decreases, the forward discount.A stable RMB exchange rate.
3, improve the RMB exchange rate mechanism.
Step by step to carry on the exchange rate formation mechanism reform, earnestly implement based on market supply and demand in the true sense of a managed floating exchange rate system, give full play to the role of the central bank, the filter, the pursuit of exchange rate stability of interval value, make the RMB exchange rate stability from the management on the basis of float to float on the basis of the management mechanism of change;At the same time, open the capital account step by step, steadily push forward the process of internationalization, increase the ability to resist risks, make the RMB exchange rate gradually to completely free floating exchange rate system.Therefore need to advance reform from the following several aspects: first, straighten out the market supply and demand.On the basis of risk prevention, gradually relax restrictions on foreign demand, from one-way demand control to supply and demand both sides regulation.Second, realize the management ways and means of diversification.Both central Banks direct intervention in the currency markets, including combined with certain macroeconomic conditions, by adjusting the quantity of supply and demand of local and foreign as well as the adjustment of interest rates and other methods to comprehensive regulation.Finally, appropriate to expand the range of floating exchange rate and volatility, enhance the flexibility of the RMB exchange rate and flexibility, speed up the internationalization of the yuan.
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第1个回答  2015-11-06
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