冲销干预通过资产组合平衡和信号预期两个渠道影响汇率。
Sterilized interventions may affect the exchange rate through two channels: portfolio balance and signaling channel.
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.
为了稳定人民币汇率和抑制通货膨胀，中央银行采取了一系列外汇冲销干预措施。
In order to stabilize RMB exchange rate and avoid inflation, the People's Bank of China has taken a series of measures to sterilize the passively expanded money supply.
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.
在盯住汇率制度和外汇冲销干预手段不完善的背景下，中国外汇储备的大量积累进一步增强了货币供给的内生性。
Under the background of pegged exchange rate and imperfect sterilized intervention, the significant accumulation of China's foreign exchange reserves have further enhanced the endogenous money supply.
但是，如果干预不被冲销，增加的流动资金就会加速通货膨胀。
But if the intervention is not sterilised, the added liquidity fuels inflation.
在三者的动态博弈中，外汇干预是非冲销和有效性得到验证，外汇干预信号的假设可以成立。
Among the three factors'dynamic relevancies, the unsterilized nature and effectiveness of foreign intervention were verified.
在三者的动态博弈中，外汇干预是非冲销和有效性得到验证，外汇干预信号的假设可以成立。
Among the three factors'dynamic relevancies, the unsterilized nature and effectiveness of foreign intervention were verified.
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