货币制度

In order to untie the crux of perplexing Chinese macro-economy in recent years. New exchange rates for the RMB against other currencies system was published on July 21 .2005.That had changed the virtual dollar peg system in the past. The effectuation takes marketplace supply and demand as basis. And references to a basket of currencies regulation.

为了解开近年来困扰我国宏观经济的症结，新的人民币汇率制度于2005年7月21日出台，改变了过去事实上钉住美元的汇率制度，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。

The emergence of salary and its wide use promoted conversion from the money fief military service system to the indenture military service system.

货币封土军役制度使薪金得以普遍的运用，从而推动了其向契约军役制度的演进与转化，英国法百年战争促进的契约军役制度的迅速发展。

After contrastive research on correlative monetary theories, we will draw conclusions that money was consequentially created is not only for overcoming the difficulty of labour exchange, but for meeting the need of a demand which possess integrated monetary fuctions .

货币理论应以货币职能的研究为基本点，货币的产生应该源于经济对具有货币职能的物质载体的需求，在分工和私有产权制度下，货币的产生除了为了克服物物交换的不便外，还有为同时满足经济对其他货币职能的需求。

The economic integral of China district is an inevitable outcome of cross-straits four ground economy developing in the future.the Cross-straits can consider practice to unify the currency HB, and make HB become the one of the world currencies, and this will give cross-straits four districts important and big and economic benefits, and also will further promote the economic integral of China district .but practices to unify the currency HB must change current RenMinbi, Hong Kong dollar, NT$ and Pataca system, and will face the US$ and euro competition, etc..

内容摘要：中华区域经济一体化是未来两岸四地经济发展的必然结果，未来两岸可考虑实行统一货币"华币"，并使华币成为世界货币之一，这将给两岸四地带来重要大经济利益，也将进一步促进中华经济一体化进程。然实行统一货币"华币"必须改变现行人民币、港币、新台币及澳门币制度，而且将面对美元与欧元等货币的竞争。

China's interest rate from the current system, the market interest rates (such as money market, bond market interest rates) is clearly not in the list of interest rates; in direct control of the central bank's interest rate system, the re-lending and rediscount rate has not been very effective, because it few years the flow of adequate financial institutions makes little to rely on central bank loans and discount, and improve the reserve interest rate system with the reform of the general direction of inconsistency; Therefore, interest rates can only increase deposit rates or lending rates, both interest rates are in the current control and semi-control of interest rates.

中国的利率从目前的制度，市场利率（如货币市场，债券市场利率）显然不在列表中，利息直接控制的中央银行的利率制度，再贷款和再贴现率并不十分有效，因为这几年充足的流动金融机构几乎没有什么依靠中央银行贷款和贴现，提高准备金利率制度改革的总体方向不一致，因此，利率可只有增加存款利率或贷款利率，无论利率在目前的管制和半管制的利率。

There was no real standard currency system in China until 1933 when the government started to use the dollar system instead of the tael system.

中国在1933年废两改元以前都没有真正的货币本位制度。20世纪初以后，中国政府三次邀请外国金融家来华帮助建立货币本位制度。

This paper reviews the effectiveness of monetary policy in China, including open market operation, reserve system reformation, interest rate policy, reloan and rediscount policy and credit policy and so on, and finds out that monetary policy operation has endogenesis and dependence, and the effectiveness of monetary policy is not perfect.

三是全面述评我国货币政策实践情况，包括公开市场操作、准备金制度改革、利率政策、再贷款再贴现、信贷窗口指导等政策工具实践情况，发现我国货币政策操作内生性强，自主性弱，货币政策执行效应并不理想。

Secondly,based on the sense of money equilibrium and AO-test technique,this paper recalculates the degree of excess money,and finds that there exits greater degree excess money during 1979 to 2007,but the degree has been dropped greatly since 1990s.

从&超额货币&的内涵来看，其不仅包括执行流通手段职能的货币量，而且还应该包括执行贮藏等各种职能的货币量；第二是采用供求均衡意义上的&超额货币&程度的算法，在变量中引入制度及虚拟经济发展的因素，在方法中采用AO检验法对长期因素做了阶段性划分，并在此基础上运用协整检验法对我国的&超额货币&程度进行了测算，结果发现在1979年-2007年间，我国的确存在着较大规模的超额货币，但是，在20世纪90年代之后，我国的超额货币程度出现了较大幅度的下降；第三是采用阶段分析法对我国超额货币的引致原因进行了实证分析，检验结果显示，货币化、虚拟经济的发展和边际消费倾向的变化都在不同程度上造成了我国超额货币程度发生变化，其中：货币化在1979-1990年间和1991-2007年间对&超额货币&程度的影响方向是相反的，虚拟经济的发展与&超额货币&程度的变动具有反向的影响，货币结构的变化对&超额货币&程度的变动具有正向影响，而居民消费对&超额货币&程度在1979-1990年间无显著影响，但是在1990-2007年间有正向的影响；第四是对&超额货币&程度的变化对我国经济金融的影响进行了理论和实证分析，结果显示：&超额货币&程度的变化对我国的经济增长、物价和汇率的变动都有着较为明显的影响，其中，对物价和汇率的影响是正向的，对经济增长的影响在长短期是不一致的。

As to domestic sector, the author discuss the influences of different exchange rate regime on growth, inflation, economic stability and financial deepening, and agues that:(1) the relatively fixed exhange rate regimes are more pro-growth for emerging economies;(2) the relatively fixed exchange rate regimes can be useful for control of inflation in developing countries, but it can also be replaced by other monetary rules like inflaiton-targeting;(3) fixed exchange rate regime woulde better to deal with nominal shocks when floating exchange rate regime better to deal with real shocks, but both of them can not entirely insulate the external shocks;(4) the improvement of financial deepening is faster under relative fixed exchange rate regimes.

从国内经济部门看，不同汇率制度对经济增长、通货膨胀、经济稳定、金融深化等关键变量具有不同影响：（1）对于新兴市场国家来说，相对固定的汇率制度更有利于促进经济增长；（2）相对固定的汇率制度有利于抑制通货膨胀，但也可以由其他货币规则替代；（3）固定汇率更适合应对名义经济冲击，浮动汇率更适合应对实际经济冲击，二者都不能隔离外部冲击；（4）在相对固定的汇率制度下，金融深化发展更快。

The conclusion is that due to the low validity of monetary policy,in addition the exchange rate change is unable to exert its lever\'s function which supposed to adjust the domestic equilibrium price equal to the world equilibrium price,the floating exchange rate regime is not adequate to Macao.Although the currency board is highly sustainable in Macau,the currency union between Patacas and RMB will be a unique choice in Macau\'s ERR,as the result of the internationalization of RMB in the coming future.

文章结论是：鉴于货币政策的有效性低，加上汇率变化无法发挥调节内外均衡价格杠杆的功能，浮动汇率制度并不适合澳门；虽然澳门目前的货币局制度具有相当高的可持续性，但澳门元与人民币建立货币联盟的收益远大于成本付出，在人民币国际化的将来，货币一体化将是澳门元汇率制度的必然选择。

Since historical times,England ,where the early inhabitants were Celts, has been conquered three times .

从有历史以来，英国，在此地早期居住的是凯尔特人，已经被征服了三次。

Bluetooth OBEX File Transfer Enables the sending and receiving of files on your phone via Bluetooth.

蓝牙OBEX文件移动允许经过蓝牙传送和接受文件。。。。