Currency exchange is the trading of one currency against another . the equilibrium exchange rate is determined by the supply and demand for foreign exchange in the foreign exchange market together 外汇交易就是一种货币对另一种货币的交易。在外汇市场上,外汇的供应和需求共同决定均衡汇率。
Sound theoretic equilibrium exchange rate ca n ' t be get when central bank makes certain equilibrium exchange rate . this takes great uncertainty to central bank managing macro economy and regulating rmb exchange rate 央行在确定均衡汇率时缺乏合理的理论均衡汇率,给人民银行宏观管理、调控人民币汇率带来了很大的不确定性。
However , ppp ' s failure to hold does n ' t necessarily imply that no equilibrium exists . economists have found that equilibrium exchange rate is not a point but a trajectory related to internal and external equilibrium 但ppp的失效并不意味着均衡汇率不存在,经济学家们研究发现,均衡汇率不是一点,而是与经济的内外均衡相联系的一条轨线。
This article establishes a model of rmb exchange rate on the basis of normal price purchasing power , and puts up a multi - factors analysis in deciding the price level , to describe objectively the formation of rmb balance exchange rate 本文在购买力平价的基础上建立人民币汇率模型,并提出决定物价水平的多因素分析,借此客观地描绘人民币均衡汇率的形成。
Among the various pressures requiring rmb to revalue , the adjustment of dollar policy is a main external pressure , and the internal pressure may be a mid - long term revalue trend of rmb ' s balancing exchange rate 摘要在要求人民币升值的种种压力中,强势美元政策的调整是人民币升值的主要外部压力,人民币实际均衡汇率在中长期的升值趋势是人民币名义汇率升值的内部压力。