干预外汇市场

中国人民银行（PBoC）干预外汇市场由来已久，目的是防止过度波动。

The People 's Bank of China has long intervened in foreign-exchange markets to hedge against excessive volatility .

在今年10月下旬的一周里，香港金管局（HKMA）两天干预外汇市场以维持港元汇率。

On two days within a week late in October the Hong Kong Monetary Authority intervened in the currency markets to contain the value of the local currency .

欧洲央行（ECB）自3月以来首次购入政府债券，日本央行（BoJ）干预外汇市场以阻止日元继续走高，土耳其央行则将利率下调到历史最低水平。

The European Central Bank bought government bonds for the first time since March , the Bank of Japan intervened in currency markets to halt the rise of the yen and the Turkish central bank cut rates to an all-time low .

银行一直干预外汇市场。

The bank has been intervening in foreign exchange markets .

通过大量干预外汇市场，中国维持着这种低估局面。

China has maintained this undervaluation with massive intervention in currency markets .

中央银行干预外汇市场的理论分析

The Theoretical Analysis of the Central Bank 's Intervention in The Foreign Exchange Market

当然，这也并不是说日本官方不能干预外汇市场。

Of course , that does not mean that Japanese authorities cannot intervene in currency markets .

我国中央银行干预外汇市场传导机制研究

Study on the Transmitting Channel of Our Country 's Central Bank Intervention in Foreign Exchange Markets

这最终应能确保中国不再需要干预外汇市场并累积外汇储备。

This should eventually ensure China no longer needs to intervene in currency markets and accumulate foreign reserves .

香港金管局在10月底之前5次干预外汇市场，总共注入了170亿港元（合22亿美元）资金。

The authority intervened five times before the month-end , injecting HK $ 17bn ( US $ 2.2bn ) in total .

但中央银行仍然使用买进或卖出大量外币的办法来防止大幅度的外汇浮动，以此来干预外汇市场。

Central banks still intervene in the market by buying or selling large amounts of foreign currencies to prevent wide-ranging fluctuations .

日本银行在9月就曾经直接干预外汇市场使日元贬值，但这一回，日本银行的反应较为温和。

But the Bank of Japan , after intervening directly to weaken the yen in September , has struck upon a more benign response .

英国的储备主要是出于防范目的以便干预外汇市场、以阻止针对英镑的挤兑，或是为了实现货币政策目标。

UK reserves are there mainly for precautionary reasons to intervene in currency markets to stop a run on sterling or to pursue monetary policy objectives .

福田康夫几乎要发出日本政府干预外汇市场的威胁，他表示：投机活动要有所收敛。

While he stopped short of threatening Japanese intervention in the currency markets , Mr Fukuda said : Speculative movements need to be kept in check .

美国的汇率政策强调市场力量，避免干预外汇市场，并努力不去进行口头干预以压低美元汇率，这些做法的结果很不错，应当继续下去。

A US exchange rate policy that has stressed market forces , avoided exchange market intervention and not tried to talk the dollar down has worked well .

中国正在自建的笼子里把栏杆抓得嘎嘎响，因为该国庞大的储备正是大肆干预外汇市场、以阻止本币升值的后果。

China is rattling the bars of a cage of its own making , since the reserves are a consequence of colossal intervention to stop its currency appreciating .

但交易员和分析师都表示，台湾央行经常积极地干预外汇市场，给国际基金创造了套利机会。

However , traders and analysts say the bank is often active in intervening in the foreign exchange market , and this creates arbitrage opportunities for international funds .

鉴于美元势必将保持弱势，日本和巴西等国可能会干预外汇市场，以限制本币汇率过度波动，保护出口。

With the dollar set to remain weak , the likes of Japan and Brazil may intervene in markets to limit wild swings in their currencies and protect exports .

去年9月，瑞士央行曾干预外汇市场，以压低瑞郎汇率，原因是在欧洲寻找避风港的外国投资者对瑞郎的需求十分巨大。

The central bank intervened in the currency markets in September to try to weaken the franc , after overwhelming demand from foreign investors seeking a haven in Europe .

中国通过干预外汇市场来压低人民币汇率，使其出口以每年30%的速度猛增。

Intervention in the foreign exchange market to hold down the yuan creates a phenomenal surge in exports , which have been growing at a 30 per cent annual rate .

财政部部长野田彦后来拒绝评论日本是否会干预外汇市场的第一次在半年中，据外电报道。

Finance Minister Yoshihiko Noda later declined to comment on whether Japan would intervene for the first time in half a year in the currency markets , according to foreign reports .

日元当时正处强势，这照例引发了一轮枯燥无味的猜测：东京是否会通过干预外汇市场来拯救出口商。

The Japanese currency had recently strengthened , prompting the usual round of dreary speculation about whether Tokyo might ride to the rescue of exporters by intervening in foreign exchange markets .

亚洲多家央行昨日大举干预外汇市场，以阻止本币兑美元升值，因为他们担心本国在出口上输给中国。

Asian central banks intervened heavily in the currency markets yesterday to stem the appreciation of their currencies against the US dollar amid fears that their exports could be losing ground against China .

首先是大力干预外汇市场，突然通过政府所有银行推高隔夜拆款利率，随后，台湾央行决定规范共同基金领域。

Starting from some heavy intervention in the currency markets and sudden rises of overnight rates implemented through state banks , the central bank then moved on to discipline the mutual fund sector .

知情人士表示，美国参议院领袖即将敲定一项立法提案，他们希望这项立法将逆转美国长期以来反对干预外汇市场的政策。

Senate leaders are close to finalising legislation that they hope will lead to a reversal of long-standing US policy of opposing intervention in currency markets , according to people familiar with the matter .

譬如，智利迄今尚未干预外汇市场，但已宣布大幅缩减政府开支，并加大公共财政的多样化。

Chile , for example , has not intervened in the foreign exchange market so far , but has announced a significant deceleration of government spending coupled with greater diversification of its public finances .

相反地，如果中国突然停止干预外汇市场，将会引发美元在国际市场价值的极速的短期内下滑并且迫使美国利率上升。

Conversely , if China suddenly stopped intervening in the foreign exchange market , it might trigger a sharp short-run decline in the international value of the US dollar and drive up US interest rates .

足够的外汇储备表明一国干预外汇市场和维持汇价的能力，它对稳定汇率具有一定的作用；然而，如果一国外汇储备规模过大，往往会抑制经济增长，阻碍经济发展。

Plenty of foreign exchange reserves show national ability of adjusting foreign market and holding exchange price . However , if the scale of foreign exchange reserve is too big , it often restricts economic development .

然而，亚开行的报告显示，许多其它亚洲货币兑美元汇率也有所低估，反映出在很长一段时间内，许多国家都在大规模干预外汇市场。

However , the ADB report suggested that a large number of other Asian currencies were also undervalued against the dollar , reflecting significant intervention in the foreign exchange markets by many countries over a long period .

汇率制度改革增加了人民币汇率的弹性，同时又给中央银行干预外汇市场留下了足够的空间，从而保证了人民币汇率的稳定。

The new regime increased the flexibility of the RMB exchange rate while preserving enough room for maneuver to allow the people 's Bank of China to maintain the stability of the RMB exchange rate by market intervention .