But a floating-rate system is not a free lunch either.
但是，浮动汇率体系并不是免费的午餐。
These bond issuers would rather swap their fixed-rate obligations for floating-rate ones.
债券发行者往往比较愿意将他们的固定利率的债务交换成浮动利率的债务。
Milton Friedman, a monetarist economist, argued that adjustments were easier in a floating-rate system.
作为货币学派的领军人物，米尔顿·弗里德曼坚信在浮动汇率制里可以更容易地进行经济调整。
Perhaps the lesson of the past 40 years is that neither a fixed nor a floating-rate system is a panacea.
或许我们从这过去的40年里所得到的教训就是：无论是固定汇率制还是浮动汇率制，它们都不能包治百病。
A floating-rate note without final maturity, and therefore without any arrangement for repayment of principal.
指没有最终期限因而没有还本安排的浮动利率票据。
That has undoubted appeal for policymakers in countries where floating-rate mortgages expose borrowers to the risk of payment shocks as rates rise.
对于那些采取浮动利率抵押贷款，利率增加时贷款人面临支付成本上升的国家的政策制定者来说，这无疑具有吸引力。
Global currency regimes tend to come and go in long cycles, with fixed-rate and floating-rate regimes following each other with a surprising degree of regularity.
全球汇率体制的周期往往很长，固定汇率制度和浮动汇率制度以令人惊讶的规律性互相交替。
Floating-rate mortgages last year reduced many borrowers' payment burden as the Bank of England dropped its base rate to 0.5% and lenders adjusted their standard variable rates downward in response.
去年英格兰银行将基准利率下调到0.5%，贷方也随之降低了可变利率，于是浮动利率按揭使得很多借方的还款压力得到了舒缓。
At least half of mortgage holders still pay 5% or higher in interest, regardless of whether a fixed or floating rate.
不管采用的是固定还是浮动利率，目前至少有一半的按揭借款人支付的利息仍达5%以上。
Five years ago, China unhooked the yuan from its pegged exchange rate with the U.S. dollar and adopted a floating rate with a basket of currencies.
五年前，中国让人民币对美元脱钩，并采用了一种盯住一篮子货币的浮动汇率。
Article 33 The exchange rate for Renminbi is a single, managed floating exchange rate based on market demand and supply.
第三十三条人民币汇率实行以市场供求基础的、单一的、有管理的浮动汇率制度。
So they have to pay a floating rate and receive a fixed one.
所以，他们必须支付浮动利率债务并获取固定利率收益。
But in floating exchange rate markets, speculators can only make money if they help to stabilise the market, not if they make it more unstable.
但是在浮动汇率市场上，投机商若要赚钱，只有帮助稳定市场而不是使市场更加动荡。
On your second question, China adopts a managed floating exchange rate regime, which serves the long-term and fundamental interests of China.
关于第二个问题，中国实施有管理的浮动汇率制度，这一机制符合中国长远和根本的利益。
China establishes a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies.
中国实施的是以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度。
When a floating exchange rate proves to be an irritant rather than an emollient, fixing it once and for all has greater appeal.
当浮动汇率证实为刺激物而非软化剂，将汇率彻底的固定有着更大的吸引力。
We have been following a managed floating exchange rate regime in accordance with the principle of independent initiative, controllability and gradualism.
我们一直按照主动性、可控性、渐进性原则稳步实施有管理的浮动汇率制度。
It is China's policy to establish a managed floating exchange rate regime.
实行有管理的浮动汇率制度是中国既定政策。
They can convert the floating rate into fixed rate as the loan disburses.
可以在贷款支付时将浮动利率转换为固定利率。
If floating rate applies in RMB, it will affect your consumption behavior in PRC.
若人民币实行浮动汇率，会影响你在中国的消费。
Interest swap: an agreement to exchange floating rate payments for fixed-rate payments in the same currency.
利息掉期：在同一货币中，以浮动利率付息交换固定利率付息的协议。
Floating rate bond: bond on which the coupon is established periodically and calculated with reference to short-term interest rates.
浮动利率债券：这种债券的息票是定期确定的，并参照短期资金利率来计算。
Yes. We adopt a floating rate system.
是的。我们采用浮动汇率制。
The employer-unit with the occurrence of industrial injury shall, according to provisions, adopt floating rate on the basis of the basic rate.
对发生工伤事故的用人单位在基础费率的基础上，按照规定实行浮动费率。
We adopt a floating rate system.
我们采用浮动汇率制。
The normal interest rate swap method is plain vanilla swap between floating rate and fixed rate. In substance, it is the cash flow swap between two interest payments.
利率互换最普遍的形式是浮动利率与固定利率之间的单纯利率互换，其实质就是将未来两组利息的现金流量进行互换。
The normal interest rate swap method is plain vanilla swap between floating rate and fixed rate. In substance, it is the cash flow swap between two interest payments.
利率互换最普遍的形式是浮动利率与固定利率之间的单纯利率互换，其实质就是将未来两组利息的现金流量进行互换。
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