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.
第二章：外汇市场相对效率及EMH与FMH市场解释能力之比较。
Chapter two: the relative efficiency concept of foreign exchange market and the comparison of EMH and FMH.
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