第二种情况(至少在理论上有可能)是，与布雷顿森林体系I解体后欧洲的路线相同，出现区域性汇率制度。
Another, at least theoretical possibility is the emergence of regional exchange rate regimes, along the lines of what happened in Europe after Bretton Woods I.
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。
China establishes a managed floating exchange rate regime based on market demand and supply with reference to a basket of currencies.
关于人民币汇率问题，我们多次表明，中方实行有管理的浮动汇率制度，这是我们的既定政策。
We have manifested on many occasions that it is our established policy of implementing a managed floating RMB exchange rate regime.
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。
We have been following a managed floating exchange rate regime in accordance with the principle of independent initiative, controllability and gradualism.
此外，许多国家也通过降低汇率、摒弃对农业不利的多种汇率制度、取消几乎所有出口税等措施，取消了其他形式的进口限制。
In addition, many of these countries eliminated other forms of import restrictions, abandoning multiple exchange rate systems that penalized agriculture, and eliminating almost all export taxes.
实行有管理的浮动汇率制度是中国既定政策。
It is China's policy to establish a managed floating exchange rate regime.
甚至那些有着灵活的汇率制度的国家也担心，更高的利率会让他们的货币飙升。
And even those with more flexible exchange rates worry that higher interest rates will send their currencies soaring.
显而易见的差别是，1971年美国采用固定汇率制度。
The obvious difference is that in 1971 America was locked into a system of fixed parities.
外汇储备的规模表明了一个显而易见的事实：这些国家拒绝实行许多外部经济学家建议的自由浮动汇率制度。
The scale of the reserve accumulation demonstrates the obvious: these countries have refused to adopt the freely floating exchange rates many outside economists recommended.
自从2005年北京取消了人民币对美元的固定汇率制度以来，人民币迄今为止已经升值18%。
The yuan has increased in value by 18 percent since Beijing ended its fixed exchange rate with the dollar in 2005.
尤其是欧洲诸国，一直希望应用固定汇率制度。
European nations, in particular, maintained a hankering for fixed exchange rates.
一个国家只有采取更具弹性的汇率制度才能控制金融政策。
And a country cannot control its monetary policy unless it accepts a more flexible exchange rate.
而鉴于这些国家施行浮动汇率制度，结果就造成了真实货币升值。
And to the extent that these countries have floating exchange rates, the result is real appreciation.
同时，采取灵活汇率制度的国家能在美元疲弱时减少对美元的需求。
Such a regime would also crimp the demand for dollars at a time when confidence in the currency is fragile.
西方经济学家得出的结论是，新兴经济体应采取灵活的汇率制度，并建立现代的、监管良好的、有竞争力的金融市场。
The western economists concluded that emerging economies should adopt flexible exchange rates and modern, well-regulated and competitive financial markets.
另一项变化，是汇率制度的变化：两个国家使用欧元：五个国家把本国货币和欧元绑定；其他国家使用浮动货币。
Exchange-rate regimes vary: two countries are in the euro; five countries have pegged their currencies to it; others float.
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。
On your second question, China adopts a managed floating exchange rate regime, which serves the long-term and fundamental interests of China.
可以想见，我们可能会放弃浮动汇率制度，作为金砖四国，尤其是中国，与许多西方国家一样，对今天的汇率制度不满。
It is conceivable that we might abandon a floating exchange-rate system, as the BRIC countries, especially China, are not as happy with today's system as many in the West are.
在联系汇率制度结束的时间如此不确定的情况下，除买进到期时可能一钱不值的期权外，是否还有其他可以获利的办法？
With the timing of a change to the peg so uncertain, are there ways to wait for a payday other than buying options that may expire worthless?
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。
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。
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.
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