Depending on its macro? Economic objectives, the PBC could intervene in the forex open market in order to regulate market supply and demand, and maintain the stability of the RMB exchange rate.
中国人民银行根据宏观经济政策目标，可以通过外汇公开市场进行必要的干预，以调节市场供求，保持人民币汇率的稳定。
But in such an open economy, exchange-rate flexibility is no guarantee of economic stability.
但是在这样的开放式经济体系中，汇率的灵活性无法保障经济稳定。
The last section constructs a narrow band, open and hard target-zone exchange rate regime of RMB which is practical and operable.
比如，最优货币权重、人民币均衡汇率的计算，汇率目标区的波动幅度等。
Depending on its macro economic objectives, the PBC could intervene in the forex open market in order to regulate market supply and demand, and maintain the stability of the RMB exchange rate.
中国人民银行根据宏观经济政策目标，可以通过对外汇公开市场进行必要的干预，以调节市场供求，保持人民币汇率的稳定。
PBC should raise reserve requirements rate, widen the floatability of the exchange rate, and even open its capital account to make Chinese currency (RMB) full convertible if circumstances permit.
建议中央银行适当提高法定存款准备金率，进一步扩大人民币汇率的浮动空间，在适当时候考虑实现我国人民币在资本项目下的完全可兑换。
PBC should raise reserve requirements rate, widen the floatability of the exchange rate, and even open its capital account to make Chinese currency (RMB) full convertible if circumstances permit.
建议中央银行适当提高法定存款准备金率，进一步扩大人民币汇率的浮动空间，在适当时候考虑实现我国人民币在资本项目下的完全可兑换。
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