This mechanism is contrary to the applied economic condition according to the hypothesis of optimal monetary area. So, a new option has to be made for RMB exchange rate mechanism.
用最优货币区理论假说来衡量，这一制度与它所要求的经济条件之间存在很大反差，所以，人民币汇率制度存在重新选择的必然性。
The linear paradigm of efficient foreign exchange market hypothesis (EMH) does not conform to market realities.
外汇市场 有效性假设（EMH）的线性范式与现实市场状况并不相符。
As the study goes in depth, there is much restrict in the hypothesis, so the exchange rate pricing theoretics is not practical.
汇率定价理论曾经是各国汇率政策制定的参考和依据，这些定价理论对汇率波动研究和实践操作有不同程度的指导意义和作用。
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