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 paper analyses the principal features and defects of RMB exchange rate regime after the reform of exchange rate regime in 2005.
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。
Since the reform of the RMB exchange rate restart, the trend of RMB revaluation is clear, the width of fluctuation is growing.
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。
So, re-launching RMB exchange rate forming-mechanism reform by central bank might enhance the ability of RMB exchange rate to cushion external shocks.
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。
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.
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。
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.
中国上周末宣布的人民币汇改消息成为全球各媒体关注的焦点，但中国媒体的反应却较为沉默。
While China's weekend announcements that it will allow for a more flexible yuan made headlines around the world, Chinese media reaction has been muted.
中国货币，也就是人民币，是上周周增长幅度最大的货币，在去年7月汇改后又增长了3个百分点。
The Chinese currency, also known as renminbi or RMB, chalked up the biggest weekly appreciation from last Monday to Friday, and gained more than 3 percent since the July yuan reform.
巴克莱资本(Barclays Capital)指出，2005年汇改第一天出现了许多其它的变动。
Barclays Capital notes there were plenty of other moves on day one in 2005.
巴克莱资本(Barclays Capital)指出，2005年汇改第一天出现了许多其它的变动。
Barclays Capital notes there were plenty of other moves on day one in 2005.
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