一方面是因为没有全面采取浮动汇率。
In part, that was because the move to floating rates was not complete.
许多国家对其货币采取浮动汇率。
但是这在浮动汇率的时代就无关紧要了。
但是，浮动汇率体系并不是免费的午餐。
他在密切关注人民币兑美元的浮动汇率。
He pays close attention to the floating exchange rate of the RMB.
采取浮动汇率还产生了一些有趣的附带影响。
The move to floating rates has also had some interesting side-effects.
泰铢被迫实行浮动汇率，然后立刻大幅下跌。
It was forced to float the Thai baht, which promptly plunged.
我们认为，浮动汇率引发的动荡会比固定汇率少。
We argued that floating exchange rates would cause less disturbance than the fixed-rate regime.
若人民币实行浮动汇率，会影响你在中国的消费。
If floating rate applies in RMB, it will affect your consumption behavior in PRC.
布雷顿森林体系的创造者认为浮动汇率会极不稳定。
The Bretton Woods founders had believed that floating rates would be dangerously unstable.
此外，金融业的增长与浮动汇率和自由市场的做法一致。
In addition, the growth of the financial industry has coincided with the move to floating exchange rates and market liberalisation.
我未能看到过剩资本流动和当前浮动汇率体系的联系。
FAIL to see the connection between excessive capital flows and the current system of flexible exchange rates.
即使是浮动汇率的狂热拥趸米尔顿·佛里德曼，也这样认为。
Even Milton Friedman, a fervent advocate of floating exchange rates, thought so.
人们早就把货币挂钩的不灵活性当做采取浮动汇率的一个理由了。
The inflexibility of currency pegs has long been cited as a reason for having floating rates.
实行以市场供求为基础，参考一篮子货币，有管理的浮动汇率机制。
We will pursue a managed floating exchange rate regime based on market demand and supply and with reference to a basket of currencies.
浮动汇率即使是用来实现外部平衡，还有许多有待实现内部平衡的问题。
Even if a floating exchange rate is used to achieve external balance, this still leaves the problem of achieving internal balance.
我们当时确定的机制是以市场供求为基础，单一的、有管理的浮动汇率。
It was decided at that time that we would adopt a market-based, single, regulated floating exchange rate regime.
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。
When a floating exchange rate proves to be an irritant rather than an emollient, fixing it once and for all has greater appeal.
人民币还不是完全的浮动汇率，只有当华盛顿怒发冲冠时，才升值那么一点。
The yuan is still not a free-floating currency, and only seems to appreciate when tempers in Washington, DC, reach boiling point.
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。
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.
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。
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.
但最终还是浮动汇率占据上风，尤其是对像美元、日元和德国马克这种主要货币来说。
But floating rates eventually prevailed, particularly for the major currencies of the dollar, yen and D-mark.
世界各国又恢复浮动汇率就不足为奇了。各国中央银行也就无须维持本币的汇价了。
It is not surprising, then, that the world saw a return to a floating exchange rate system. Central Banks were no longer required to support their own currencies.
现行的汇率机制是一个1994年以来建立在市场供求基础上有管理的浮动汇率体制。
The current exchange rate system is a managed floating exchange rate system based on market supply and demand that has developed since 1994.
现行的汇率机制是一个1994年以来建立在市场供求基础上有管理的浮动汇率体制。
The current exchange rate system is a managed floating exchange rate system based on market supply and demand that has developed since 1994.
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