市场干预

我国中央银行外汇市场干预的现状、问题及对策

China central bank foreign market intervention 's present situation , problem and countermeasures

还有一些政府加大了市场干预力度，以期稳定汇市。

Some other States stepped up market intervention in order to hold their currencies stable .

而当投资者判断美联储（Fed）准备关掉音乐、或者至少将再度进入市场干预时，这场派对最终狼狈收场。

That party ended badly when investors concluded that the US Federal Reserve was ready to turn off the music – or at least to intervene in the market once again .

据路透社（reuters）报道，日本财务省表示，尽管预计政府不会进行市场干预，但政府正谨慎关注汇率波动。

The finance ministry said it was watching currency moves carefully , according to Reuters , although the government is not expected to intervene in the market .

中国央行外汇市场干预目标的实证分析

Empirical Study on Objectives of Central Bank Exchange Intervention in China

中央银行外汇市场干预研究

Study on the Central Bank Intervention in Foreign Exchange Markets

政府加大对市场干预力度的驱动因素主要不是商业性的。

The drivers of more government involvement in markets are primarily non-commercial .

而由于失衡，则出现了为保持竞争力而采取的外汇市场干预举措。

Under imbalances come the interventions in currency markets aimed at supporting competitiveness .

因此，进行外汇市场干预的一个主要手段就是外汇冲销干预。

Hence , the Sterilization Operations becomes the main measure to interpose in the foreign exchange market .

作为经济手段，我国使用矿山排污费、矿山地质环境治理恢复保证金等方式间接通过市场干预企业行为。

We use mining sewage charge and mining geological environment treatment deposit to intervene enterprise behavior indirectly .

本文主要对中央银行外汇市场干预的有效性进行了分析。

This article mainly analyses the central bank 's effectiveness of intervention with the foreign exchange market .

中央银行外汇市场干预的不同决定了汇率目标区制中类型的不同。

Categories of target zone system of exchange rate depend on different intervention of the central bank .

近年来美国经济对政府支持作用的依赖使许多黄金投资者认为，政府的更多市场干预行动即将到来。

The economy 's recent reliance on government support has many gold investors thinking more intervention is coming .

欧洲央行昨日进行了自上周四以来的第四次市场干预，但投入的资金数额已大幅减少。

The ECB yesterday made its fourth intervention since last Thursday , but the funding was reduced dramatically .

日本在外汇市场干预方面有着悠久的历史，以此限制日元升值、保护出口商。

Japan has a long history of intervening in currency markets to cap the yen and protect exporters .

但如果政府进行市场干预的风险继续上升，这样做的成本可能变得更为高昂。

But doing so could become more expensive if the risk of government intervention in the market continues to rise .

人民币既不是完全可兑换，也不能自由浮动，仍受制于资本管制以及相机而动的公开市场干预。

The renminbi is neither fully convertible nor free-floating , remaining subject to capital controls and opportunistic open market intervention .

美联储也做出了正确的分析：实行货币市场干预比大幅降息更能解决问题。

The Fed reasoned rightly that money-market intervention was a more targeted remedy than a big rate cut would have been .

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 .

要阻止国债价格下一步下滑，欧洲央行应当宣布，其准备进入市场干预。

To prevent further drops in government bond prices , the bank should announce that it is ready to intervene in the market .

正如上世纪30年代激进凯恩斯主义者的逐渐兴起一样，一个支持加强市场干预的派别也正粉墨登场。

Again , just as radical Keynesians emerged in the 1930s and afterwards , proponents of more intervention in markets are now emerging .

外汇市场干预的中心问题，就是冲销干预和非冲销干预是否影响汇率以及如何影响汇率的问题。

The main problem of the intervention to foreign exchange market is whether charge against intervention and non-charge against intervention can affect exchange rate .

因此，增强我国中央银行对外汇市场干预效力的关键是要创造有利于市场干预的制度。

Therefore , the key to strengthen effectiveness of PBOC 's intervention is to create a system , which is conducive to market intervention .

政策制定者在周一做出了十分大胆的反应：他们宣布进行市场干预，购入中资银行股票。

The response of policymakers on Monday , to pledge an intervention to buy Chinese bank shares on the stock market , was bold .

亚洲金融危机后，大多东南亚国家都积极积累外汇储备以增强外汇市场干预能力。

After the Asian financial crisis , most Southeast Asian countries are actively accumulating foreign exchange reserves to strengthen the exchange market intervention capabilities .

本文还考察了外汇市场干预对各国经济增长、通货膨胀、国际收支、货币政策独立性等的影响。

The article also examines the exchange market intervention effects on the national economic growth , inflation , balance of payments , monetary policy independence .

外汇市场干预包括冲销干预和非冲销干预，这两种干预方式的效力是不同的。

Intervention in the foreign exchange market , including haircut intervention and non-offset intervention , the effectiveness of the two modes of intervention is different .

中央银行为了维持人民币汇率的基本稳定而被迫进行外汇市场干预。

In order to maintain the stability of RMB exchange rate , the central bank was forced to carry out the foreign exchange market intervention .

持有预防性储备的目的是为了进行市场干预，而不是为了获得回报，所以有深度、有流动性的市场是首要的考量。

Precautionary reserves are held for the purposes of market intervention , not to earn a return , so deep and liquid markets are leading concerns .

维持人民币汇率低位所需的市场干预，推高了国内的流动性，放大了资产价格泡沫，同时极大地增加了经济管理的复杂性。

The market intervention needed to hold the renminbi down boosts domestic liquidity , fuelling asset price bubbles and greatly complicating the task of economic management .