人民币汇率对外贸交易的影响[外文翻译].doc

人民币汇率对外贸交易的影响[外文翻译]

英文：10609字符
中文：3166字

First, the core of foreign exchange reform, performance and trend analysis
(A) of the RMB exchange reform in 2005 the core in the following aspects: First, the exchange rate formation mechanism reform. Since July 21, 2005, the RMB started to practice market-based, with reference to a basket of currencies, there is managed floating exchange rate system. Second, the appropriate release of the RMB appreciation. namely, the appreciation of the yuan currency to make small adjustments to the yuan against the U.S. dollar by 2.1%. The third is due to expand the floating range of RMB exchange rate. to allow the yuan-dollar exchange rate volatility for the day plus or minus 0.3%; and non-dollar currencies to the yuan exchange rate floating range extended to 3%; to expand the banks in the pricing of rights, cash and cash sale price of the benchmark rate down 1% -4% or less by the banks to decide, but also multi-day price.
(B) after performance of the RMB exchange reform: exchange rate flexibility has become pronounced and the trade surplus continued to expand. RMB exchange reform in 14 months, the yuan-dollar exchange rate movements, and basic show "rose slipped" the characteristics of the slow movement of its own run: (1) slow its own run. from the exchange rate reform to September 21, 2006 in 291 trading days, only 2 days less than 8.11, the lowest for the July 27, 2005 of 8.1128, compared with 0.03% 8.11 depreciation, the maximum for the September 14, 2006 of 7.9461, compared with 8.11 l 2.06%, total volatility is 2%. (2) highlighted the exchange rate flexibility to achieve a two-way floating. such as: the dollar, compared with the previous trading day, the yuan in 291 Japan has 191 trading days trading float, 100 trading days to float downward. (3) trade surplus continued to expand. In 2005 China's trade surplus up to 101.9 billion U.S. dollars, of which the trade surplus reached 62.3 billion U.S. dollars in the second half than before the exchange reform trade surplus of 39.6 billion U.S. dollars for half a year more than 22.6 billion U.S. dollars.......

一､人民币汇改的核心内容及其表现和趋势分析

(一)2005年人民币汇改的核心内容主要体现在以下方面:一是改革汇率生成机制｡自2005年7月21日起,人民币开始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｡二是适当释放人民币升值的压力｡即对人民币币值作小幅的升值调整,人民币对美元升值2.1%｡三是适当扩大人民币汇率的浮动区间｡允许人民币兑美元汇率日波幅为上下浮动0.3%;将人民币与非美元货币汇率的浮动区间扩大到3%;扩大银行自行定价的权限,现汇和现钞买卖价在基准汇率上下1%-4%以内由银行自行决定,而且可以一日多价｡
(二)人民币汇改后的表现:汇率弹性开始凸现和贸易顺差继续扩大｡人民币汇改14个月以来人民币对美元汇率的基本走势,基本呈现“大涨小跌”的缓慢盘升走势的特点:(1)缓慢盘升｡从汇率改革至2006年9月21日的291个交易日中,只有2个交易日低于8.11,最低为2005年7月27日的8.1128,比8.11贬值0.03%,最高为2006年9月14日的7.9461,比8.11升2.06%,累计波幅为2%｡(2)汇率弹性凸现,实现了双向浮动｡如:对美元,与上一个交易日对比,人民币在291个交易日中有191个交易日上浮,100个交易日下浮｡(3)贸易顺差继续扩大｡2005年我国贸易顺差高达1019亿美元,其中下半年贸易顺差达623亿美元,比汇改前的上半年贸易顺差的396亿美元还多226亿美元......