All other things being equal credit conditions in China should be easy under a fixed or managed exchange rate system and a large balance of payments surplus.
若其它因素不变，在实行固定或有管理的汇率体制及国际收支大笔盈余的情况下，中国的信贷环境应是宽松的。
So the monetary authority don't make use of exchange rate as a means to adjust the balance of payments and also unable to use interest and money supply to cope with domestic macroeconomic problems.
这决定了货币当局不能用汇率杠杆调节国际收支，也不能用利率、货币供给杠杆调节国内宏观经济。
The international financial theories consist of exchange rate theory, the adjustment theory of balance-of-payments and the international inflation theory.
国际金融理论有三个基本的组成部分：汇率理论、国际收支调节理论和国际通货膨胀理论。
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