本文首先回顾了近代汇率行为描述与预测的理论基础，然后详细阐述了近年来新兴的外汇市场微观结构理论。
The paper reviews the development of the exchange rate system and its mutually research, then elaborates the new exchange rate micro-structure theories, which has been developed in the last few years.
遵循上述基本思路，本文按逻辑结构分为四章：第一章概述了当代外汇市场的基本特点，并从微观经济理论出发讨论了外汇市场效率的涵义及评价标准。
Following preceding logic, this paper is in four chapters:Chapter 1 gives a brief description of modern FX market, and thenbrings forward the definition and criterion of efficiency of FX market.
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