Facts have proved that it is not the appropriate window period to implement the exchange rate reform and to promote the internationalization of the RMB.
事实证明，当今确实不是汇改和人民币国际化的合适窗口期。
Lastly, the thesis gives a few Suggestions about the exchange rate reform based on the main conclusions obtained from the empirical analyses, and looks into the future of RMB exchange rate system.
最后根据实证结果，对人民币汇改提出了建议，并对人民币汇率制度的未来进行了展望。
The paper analyses the principal features and defects of RMB exchange rate regime after the reform of exchange rate regime in 2005.
本文分析了2005年汇改后人民币汇率制度的主要特征和缺陷。
The exchange rate series after the reform manifests the fractal distribution of anti-continuity instead of random walk.
汇率收益率序列不符合随机游走，具有反持续的分形结构。
From RMB's exchange reform in 2005, the exchange rate and the fluctuation of RMB has been on the rise.
2005年汇改以来，人民币开始进入升值通道，汇率波动不断增加。
Our objective for the reform is to create a market-based, managed and floating exchange rate.
我们确立的目标是实行以市场为基础的、有管理的、浮动的汇率制度。
Effective managements of the foreign exchange risk is very important, for the stability of our bank systems, it can ensure the reform of foreign exchange rate system.
商业银行对外汇风险的有效管理对于保证银行体系的稳定和汇率体制改革的成功至关重要，研究汇率转轨时期商业银行外汇风险管理问题很有必要。
So, re-launching RMB exchange rate forming-mechanism reform by central bank might enhance the ability of RMB exchange rate to cushion external shocks.
因此，央行重启人民币“汇改”将增强人民币汇率应对外部冲击的缓冲作用。
Since the reform of Chinese currency regime started in July 2005, the volatility of RMB exchange rate has increased dramatically.
内容提要2005年7月人民币汇改以来，人民币汇率波动性显著增强。
RMB exchange rate has a quicker response to information after the reform. The return has neither a characteristic of leverage effect nor a risk premium effect.
汇改后，人民币汇率对信息反应速度有所提高，既不存在杠杆效应，也不存在风险溢价效应。
Since the reform of the RMB exchange rate restart, the trend of RMB revaluation is clear, the width of fluctuation is growing.
自人民币汇改重启以来，人民币升值趋势明显，日均波动的幅度显著增强。
This article formed the mechanism on the exchange rate the reform and the Renminbi revaluation and the influence has carried on the comprehensive summary.
本文就汇率形成机制的改造和国民币增益和其反应进行了全面的综述。
This article formed the mechanism on the exchange rate the reform and the Renminbi revaluation and the influence has carried on the comprehensive summary.
本文就汇率形成机制的改造和国民币增益和其反应进行了全面的综述。
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