| 1. | China had long insisted that it would adopt a more flexible exchange rate system , but not until it was ready
中国长期以来坚持道，直到一切准备就绪，中国将采取更加灵活的汇率体系。 |
| 2. | After the flexible exchange rate system performed in 1973 , the question of exchange rate fluctuation has become the focus in the international finance
自1973年浮动汇率制度实施以来，汇率波动问题就成为国际金融理论的核心问题之一。 |
| 3. | This initiative illustrates the seriousness of china s effort to reform and strengthen its financial system as it moves towards a more flexible exchange rate system and greater integration in the world capital market
这项倡议表明，随着中国走向更加灵活的汇率制度和进一步融入世界资本市场，中国正认真地努力改革和加强本国金融体制。 |
| 4. | Contrasting the effects of different occasions , we draw a conclusion that under more flexible exchange rate system and stricter capital control , we can make our monetary policy exert more effectively
在经过不同国家和地区货币政策效率的对比分析后，得到的结论是：富有弹性的汇率制度与较严格的资本管制，更能提高财政、货币政策的效率。 |
| 5. | Meanwhile , in the trend of the economic globalization and financial integration , asean nations should enforce their monetary policy independently . therefore , asean nations should take more flexible exchange rate system
同时在经济全球化、金融一体化的趋势下，东盟国家应增强货币政策的自主性，因此，东盟国家实行应较为灵活的汇率制度。 |
| 6. | As i have mentioned before , the mainland economy and its current account do not seem to be that sensitive to changes in the exchange rate . under a flexible exchange rate system , one should therefore not expect the current account surplus to be resolved by exchange rate appreciation alone
如我以往所言，内地经济及经常帐似乎对汇率变动不大敏感，因此在具弹性的汇率制度下，我们不应期望单单透过汇率升值就可以解决经常帐盈馀的问题。 |
| 7. | This is an obvious choice because the alternative of high domestic inflation , notwithstanding the current benign global inflation environment itself partly the result of the integration of the mainlands economy with that of the rest of the world , may result in much greater dislocation in the economy than the temporary overshooting in the exchange rate that would inevitably occur in any flexible exchange rate system
内地选择了增加名义汇率的弹性来配合其与全球经济融合的重要过程尽管过程不一定畅顺，这是很容易理解的。因为提高通胀尽管现时全球通胀温和，部分是由于内地与全球经济融合的结果对内地经济造成的冲击，可能较诸在浮动汇率制度下无可避免出现的短暂汇率过度波动大得多。 |
| 8. | More financial resources are required to service external debt , and foreign direct investment and foreign portfolio investment will just sit on the sidelines , awaiting cheaper opportunities as the exchange rate further depreciates under a flexible exchange rate system , and exacerbated by a flight of domestic capital
在这种情况下，当地政府将要动用更多财政资源来偿还外债。外来直接投资的资金和组合投资的资金都会暂时抱持观望态度，等待汇率进一步下滑后才再作投资。但与此同时，本土资金却可能溜走，令到形势变得险峻。 |
| 9. | China implements the flexible exchange rate system under management , actually a fixed exchange rate system , and the capital item control and has never happened the crisis up to the present , at the same time ; we have not the prerequisite historical data , so it is n ' t possible to define the crisis
然而中国当前采取的这种有管理的浮动汇率制度，实际上是一种固定汇率制度，资本市场基本实行管制，外汇储备逐年增加，同时中国至今从未爆发过危机，因此无法对危机进行定义，也缺乏危机预测所必须的历史数据。 |
