资源描述：
《人民币汇率分析报告》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、人民币汇率分析报告一、摘要ChinaForeignExchangeTradeCenterfromthelatestdatashowthat,followingabreakthroughthedaybeforeyesterdayrose99basispoints6.32markyesterdayafterthecentralparityofRMBagainsttheU.S.dollarjumped33basispointsreported6.3165,sincethereformontwoconsecutivedaystorefreshtherec
2、ord.LastnighttheEuropeanCentralBankannouncedasurpriseratecutby25basispoints,plustheGreekorabandonareferendumontheEU'srescueplan,theformationofEuropeanandAmericanstockmarketspositive.Inthiscontext,thecentralparityofRMBagainsttheU.S.dollarcontinuedupwardtrend,anewhigh.Itisnotew
3、orthythat,fromSeptember,theRMBbetweendomesticandforeignmarketsshowdifferenttrends,althoughtheyuancentralparity,openingdays,butHongKong'soffshoreRMB(CNH)andoverseasnon-deliverableforwardmarket(NDF)occuracrosstheboarddevaluation.Thespreadbetweentheexchangeratealsoledtotherecent
4、waveofarbitrageonthemarket.Inthesecondhalfof2008theworldexperiencedeconomicandfinancialcrisisandthedramaticimpactoftherapidreboundin2009afterthe2010worldeconomyrecovers.2009,China'srapideconomicgrowthisslowingafterrecovery,pre-stimulatetheeconomyputalotofliquidityonthepressur
5、eforinflationtograduallyappear,People'sBankofChinaannouncedinJune2010,againtorestartthereformontheRMBexchangeratein2008peggedtothedollarwhenthefinancialcrisisintensifiedwithdecouplingagaintwoyearslater,inaseriesofeventsundertheinfluence,2011toRMBeffectiveexchangeratemovements
6、.Basedonthis,nowreportananalysisoftheRMBexchangerate.二、关键词fluctuationsinexchange、Sticky-PriceMonetaryApproachmacroeconomicpolicy、 floatingrate三、正文1、定价机制：5.1-9,,services,andmakethecitymoreattractive,strengtheningpublictransportinvestment,establishedasthebackboneoftheurbanrailt
7、ransitmulti-level,multi-functionalpublictransportsystem,thusprotectingtheregionalpositionandachieve近期的一系列市场动荡显示，为了协助人民币进一步走向国际化，中国货币当局或许需要考虑进一步提升人民币汇率定价机制的透明度。一个不太透明的定价机制，将给市场造成频繁波动，而且有可能使得企业或是资产管理公司进行风险对冲的成本上升，最终也会影响到进出口商和离岸市场人民币的使用效率。这对于逐渐走向国际化的人民币来说，并非益事。很多人可能不理解，人民币定价不透明与
8、相关企业的资金成本之间有什么关系？在金融学中，不确定性即意味着风险，而通常衡量风险的一个指标便是价格波动性。这里的逻辑很明显，如果人民币
