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China's gold reserves with this morning, I still exchanges that China significant changes in gold reserves because of the reasons for the high foreign exchange reserves, and restructuring of the foreign exchange reserves, but the growth rate of great changes in December 2002 ago there were probably more than 1900 oz, or about more than 600 tons of gold, over the past two years great changes took place, especially after 2007, has increased to 33.89 million ounces, that is, increased to 14.6 million tons of gold, in the original basis increased by 75% Gold reserves have entered more than a kiloton, into fifth in the world.

中国黄金储备今天早上我跟哈博士还在交流,哈博士认为中国黄金储备发生重大变化是因为外汇储备高的原因,做了外汇储备结构调整,但是增长速度发生很大的变化,02年12月份以前大概有1900多盎司,约合600多吨黄金,近两年发生巨大的变化尤其是07年之后,已经增加到3389万盎司,就是增长到了1460万吨的黄金,在原来基础上增加75%,黄金储备已经进入了千吨级以上,进入到世界第五位。

Considering transaction cost, Hedger's attitude to risk, variance of foreign exchange rate , with Von Neumann Morgenstern utility function and Bernoulli principle, this paper analyses optimal hedging of the foreign exchange risk during the import/export with forward/future contracts, and the influence of the above mentioned factors on the optimal hedge rate.

本文在前人研究基础上,考虑交易费用,决策人对风险的态度,汇率相对风险大小等因素,用Von Neumann- Morgenstern效用函数和 Bernoulli决策法则建立了研究利用远期/期货和约做外汇套期保值问题的一般模型,然后具体分析了一种典型情况下的最优套期保值率的性质。

At present, there are many researches on the scale of foreign exchange reserves through different way studying the moderate scale of the foreign exchange reserves, and formed different methods: demand regress function method, rule of three, opportunity cost theory, etc.

目前这方面的研究很多,从不同角度研究了外汇储备的适度性问题,形成了需求回归函数法、比例法、机会成本说等理论,但这些理论却均在不同程度上存在一定的缺陷,因此单独运用其中任何一种理论都不能对我国外汇储备的规模进行合理的分析。

Add to that swelling foreign-exchange reserves and a stronger rupee, and some are arguing that it is time for drastic liberalization of India's foreign-exchange regime.

由于卢比的强势和外汇储备的膨胀,一些人认为是时候全面放开外汇管制的时候了。

the article examines the characteristics of foreign exchange returns distribution,coupling with kinds of foreign exchange datas, figures out parameters of model by using variance gamma model.the empirically results ofkolmogorov-smirnov test and goodness of fit chi-square test shows that v.g.

本文运用方差gamma模型对外汇收益分布特征进行对比拟合分析,并结合几种被选汇率数据对模型参数进行估计。ks检验和卡方拟合优度检验的实证结果表明v.g。

On the basis of FER scale theory, this paper analyses the FER increase in China about the supply and demand factors. First, according to the Agarwal model,Jian Wu model and China's situation, a new moderate determination model is constituted. This model adapts to practical status of China. It is used to analyze China's 1990-2005 foreign exchange reserve. The result shows that foreign exchange reserve is excessive in the last few years.

首先,本文在界定外汇储备适度规模的内涵及主要影响因素的基础上,基于阿格沃尔模型和武剑模型及我国国情构建了一个新的适度外汇储备模型,并利用该模型对1990-2005年我国外汇储备规模的适度性进行了实证分析,得出近年来我国外汇储备过量的结论。

Meanwhile, providing guidance and financial instruments of foreign exchange for risk aversive exporters is also important to minimize foreign exchange rate risk and maintain stable growth of agricultural export.

同时,为风险厌恶的出口商提供相关指导和外汇金融工具以尽量规避汇率风险,也是保持农产品出口稳定和增长的一个重要政策手段。

Our country since 1994 the exchange rate was axled,the foreign trade basically has been at a favorable balance condition,the foreign exchange reserve grows quickly;Thus causes the RMB gradually to face the pressure of appreciation. On the July 21,2005 The Peoples Bank of China announced the RMB appreciated 2% compared with US dollar,which has been clear about the inevitable trend of RMB appreciation.

我国自1994年汇率并轨以来,对外贸易基本处于顺差状态,外汇储备增长较快;从而使人民币逐渐面临升值的压力。2005年7月21日中国人民银行宣布人民币对美元升值2%,表明了人民币升值的必然趋势。

But the outburst of a series of regional financial crises makes people realized the speculativeness of the international financial capital, especially the strong impacts that it makes on the capital market, foreign exchange system, foreign exchange reserve and financial system of developing countries.

然而一系列区域性金融危机的爆发,使人们普遍意识到了国际金融资本的短期性和投机性,尤其是它对发展中国家的资本市场、汇率制度、外汇储备和金融体系的强烈冲击。

Lastly this paper puts forward the suggestion of strengthing the building of finance circumstance in undeveloping areas,smoothing the transmission mechanism of interest rate,improving foreign exchange rate rules and strengthing the rule of foreign exchange rate in monetary policy.

最后建议:加强欠发达地区的金融生态建设,改善利率传导机制,完善人民币汇率形成机制,增强汇率渠道在货币政策传导中的主动性。

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