金融英语作文 央行改革调查2018

①The key to reform of Chinese foreign exchange system is to realize the marketization of exchange rate. Xiao Lisheng, deputy director of the International finical research institute of the Chinese academy of social science, has recently studied the latest the foreign exchange system reform in china.

②Exchange rate marketization reform, I think, by doing a research, can be divided into three steps: the first step, introduce multi-level market trading body. At present, the foreign exchange market implements the principle of real demand, and china, as a big country, has strong export trade and strong homogeneity(均匀性）in foreign exchange trading, and the exchange rate pricing will produce a large deviation. Under such circumstances（条件）, it is entirely dependent on traders to become the main body of the foreign exchange market, which will have certain constraints（限制）on the development of the foreign exchange market. The second step is to try not to interfere in the exchange rate and let the market decide the price of the RMB.When market participants slowly adjust to exchange rate fluctuations（波动）, they will spontaneously（自发地）generate exchange rate hedging（汇率套期保值）and hedging financial instruments（对冲金融工具）. The third step is to gradually liberalize capital account and introduce overseas investors on the basis of above.

③T hrough the coordination and mutual compensation（互补）of these arrangements, Chinese foreign exchange market will become a truly market-oriented market, and exchange rate will really form a market-oriented exchange rate.

中文意思：

中国外汇体制改革的关键是实现汇率市场化。中国社会科学院世界经济与政治研究所国际金融研究所副所长萧丽胜最近研究了中国最新的外汇体制改革。

汇率市场化需要尽可能减少干预，在外汇市场引入各种交易主体。在汇率未被市场化之前，汇率的优势在于可以保持出口顺畅，汇率稳定，从而降低了经济的边际风险，而外部冲击不能很快地传导到国家。然而，缺乏灵活的汇率机制会导致外汇市场的不平衡，实际上，这也是一个累积风险。因此，要避免外汇市场的动荡，就必须释放外汇市场积累的不平衡压力，而不是等待出现压力溃坝的问题。

我认为，汇率市场化改革可以分为三个步骤：第一步，引入多层次市场交易主体。目前，外汇市场实行实际需求的原则，我国作为一个大国，在出口贸易中具有较强的出口贸易和较强的同质化，汇率的定价会产生较大的偏差。在这种情况下，完全依赖交易者成为外汇市场主体，对外汇市场的发展有一定的制约，因此，外汇市场改革的第一步需要一定的程度。放宽实际需求规则，引入多层次市场交易者，并引入基金和证券交易商作为外汇市场中的交易者和做市商。第二步是尽量不干预汇率，让市场决定人民币的价格，当市场参与者慢慢调整汇率波动时，就会自发地产生汇率对冲和套期保值金融工具。第三步是在上述基础上逐步放开资本账户，引进境外投资者。

目前，资本账户管理更加严格，外汇市场的基础设施可以首先建立，汇率将放开，干预可以减少。最后，资本账户开放。通过这些安排的协调和相互补偿，中国外汇市场将成为真正面向市场的市场，汇率将真正形成市场化的汇率。