人民币汇率的微观结构与外汇储备管理（micro structure of rmb exchange rate and foreign exchange reserve management）

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1、人民币汇率的微观结构与外汇储备管理（MicrostructureofRMBexchangerateandforeignexchangereservemanagement）MicrostructureofRMBexchangerateandforeignexchangereservemanagementSinceJuly2005,theRMBexchangerateformationmechanismreformhasenteredthefastlane?Chinesecentralbankissuedaseriesofmeasuresforthedeadin

2、thedomesticforeignexchangemarketmodeofoperationafterthereformofRMBexchangeratereform?Isnolongerpeggedtothedollar,but8ttt8withreferencetoabasketofcurrenciesmanagedfloating?Animportantconditionofwww.8ttt8.comasthedddttmarketintheinterbankforeignexchangemarket,theintroductionofa13fore

3、ignexchangemarketmaker,signsofcentralbankforeignexchangemarkethasgraduallyfadeoutof8ttt8?Fromtheinternationalexperience,lettheforeignexchangemarketmakerRMBexchangeratehasbecomeanimportantwww.8ttt8.cominvolvedinthepricingisoneofthecentralgoalsofChina'sexchangeratereformandforeignexc

4、hangemarketconstructionbasedon1][?TheRMBexchangerateagainstthedollarinthemiddlepriceofwww.8ttt8.comastheobjectofstudy,focusesontheanalysisofthefluctuationofRMBexchangerateandforeignexchangereservesandforeignexchangeTherelationshipbetweentheinventorypositionofthemarketmakerandthedai

5、lychangeoftheforeignexchangepositionofthecommercialbanksystem,8TTt8.com,ismadetofurtherstudythefuturereformdirectionoftheRMBexchangerateformationmechanism8TTt8.comAusefulattempt?First,thetheoryofexchangeratemicrostructureanditsapplicabilitytoRMBexchangerateThetraditionalexchangerat

6、etheoryofgeneralSsbbwW.comisstartingfromtheimpactofexchangerateofeconomicvariables,explorethepricingequilibriumexchangerateandthedynamicdecisionprocess?Intheexchangeratetheory,whetheritisstressedthatcross-borderarbitrageandcommoditytradeflowssuchasthetheoryofpurchasingpowerparity(P

7、PP)?Theinterestrateparity(IRP)andtheinternationalbalanceofpayments(BOP)theorytheassetmarketmodel,orvarioustypesofemphasisoninternationalcurrencymovementsandcapitalstockadjustmentssbbwW.com,basicallycanbecharacterizedaswww.ssbbww.commacrodeterminism?ButdddTt,fortheshort-termchangesi

8、ntheexchangerate(forexampl