名义双边汇率（Nominal Bilateral Rate ） 实际双边汇率（Real Bilateral Rate ) 有效汇率（Efficient Exchange Rate），指用以反映一种 货币相对于外国货币的实际价值的汇率。 有效汇率常用有效汇率指数或多边汇率指数表示.
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The swap market in hong kong plays an important role in channelling funds. it is also a highly efficient indicator of confidence in the linked exchange rate .
本港的掉期市场是资金中转的重要渠道，亦是有效反映市场对联系汇率信心的指标。
The swap market in Hong Kong plays an important role in channelling funds. it is also a highly efficient indicator of confidence in the linked exchange rate.
本港的掉期市场是资金中转的重要渠道，亦是有效反映市场对联系汇率信心的指标。
It would be more efficient to implement policies that would change the equilibrium real exchange rate itself.
实施改变均衡实际汇率本身的政策可能会更为有效。
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