On the System Choice for RMB Exchanges with U.S. Dollar 's Depreciation

美元贬值下的人民币汇率制度选择

Then through contrasting international system construction mode of the U.S. dollar the Euro and the JPY this paper concludes significance of system construction which is good for regionalization of RMB .

然后，通过 美元、欧元和日元国际化制度构建模式的对比，从中总结其对人民币区域化制度构建的借鉴意义。

Where is the proliferation of global liquidity the answer is the U.S. dollar .

那么全球流动性泛滥的原因究竟在哪里，答案 直指 美元。

At the same time as the formation of U.S. dollar being the internationally mainly reserved currency I also investigated our foreign exchange reserves ' currency structural arrangements and its change .

同时，结合 美元国际货币储备 地位的形成，说明我国外汇储备的币种结构安排和变化。

But in short period of time it may also exert negative effect in curbing inflation and especially challenge to the U.S. dollar 's first position .

但在短期内，也有可能在抑制通货膨胀中产生负面效应，尤其对 美元 的 霸权地位提出挑战。

The U.S. dollar initially rallied across the board after the Fed announced it would begin reducing its stimulus bond-buying program in January since the receding flood of central bank cash will boost the greenback 's value .

在 美联储宣布将自明年1月起缩减其购债刺激计划的规模后， 美元 汇率最初全线反弹，因美联储资金流缩减将提振美元币值。

Therefore the U.S. dollar Hong Kong dollar against the RMB similar degree of exchange rate risk and relative to the euro and the yen against the RMB exchange rate risk the euro and the yen against the RMB exchange rate risk .

因此， 美元、港元对人民币汇率风险程度相近，且相对于欧元和日元对人民币汇率风险要小，欧元和日元对人民币汇率风险较大。

After shedding almost a third of its value over the past decade the U.S. dollar has exhibited a few sparks of its former glory in recent months .

过去十年贬值近1/3的 美元近月来闪现出了些许往日的光彩。

As a major reserve currency the U.S. dollar is used in considerable amount of global trade in commodities as well as in most of the investment and financial transactions .

作为主要的储备货币， 美元被用于大量全球大宗商品贸易以及大多数投资和金融交易。

Since the dollar became centre currency the international monetary system gradually began to bound onto the path of losing precious metal control and ultimately into the paper standard era that only supported by national credit the U.S. dollar hegemony has been fully expanded .

从美元成为中心货币以来，国际货币体系就开始走上逐渐去贵金属约束的路径，最终进入了单靠国家信用支撑的纸本位时代， 美元霸权也得到了充分的扩张。

Subsequently this paper studies the U.S. dollar supply mechanism analyzing its operation from the base currency to the circulation currency .

随后，本文研究了 美元 本位制下的 美元供给机制，从基础货币和流通货币两方面详细分析了其运行机理。

Second as the representative of the competition between single international currency the U.S. dollar replaced sterling .

其次，以 美元取代英镑为代表的单一国际货币间的竞争。

On currency selection in view of the global foreign exchange reserve U.S. dollar euro yen and sterling are the most important currencies in the world .

在外汇储备的币种选择上，从全球外汇储备的货币构成看， 美元、欧元、日元和英镑是各国和各地区最重要的储备货币选择对象。

What do you think will be the U.S. dollar 's future role in the world ?

你认为未来 美元将在世界上扮演什么角色？

Recently U.S. dollar devaluation and American debt crisis have put the reserve problem to the outlet wave .

美元贬值和美国债务危机，更把外汇储备问题推向风口浪尖。

From international experience the internationalized course of U.S. dollar German mark and Japanese yen offers enlightenment for internationalization of RMB .

从国际经验来看， 美元、德国马克和日元的国际化历程为人民币的国际化提供启示。

The U.S. dollar is near a seven-year high against the yen up around 40 percent since Abe took office in December 2012 .

美元对日元比率将接近7年来的最高点，自从安倍2012年12月执政以来， 美元对日元上涨了40%。

The U.S. dollar standard led to the external imbalances of current global economy so the center ( United States ) and the peripheral countries are to strengthen international coordination and cooperation .

美元 的 霸权 地位被 动摇， 美元 本位 货币制度导致当前全球经济所面临的外部失衡问题，中心国（美国）和外围国都有加强区域或国际协调与合作的内在要求。

The yuan will likely remain in a range around 6.1 to the U.S. dollar this year but with increased two-way volatility it said .

瑞银称，人民币 汇率今年可能保持在围绕 1 美元 兑人民币6.1元左右的区间，但双向波动性将有所加剧。

The stronger U.S. dollar depressed sales .

美元走强 导致销售额下降。

In 1971 the U.S. dollar officially separated from gold . Since then the international monetary system entered the era of the dollar standard .

1971年， 美元与黄金正式脱钩，国际货币体系从此进入美元本位制的时代。

Crisis theory of U.S. dollar

美元危机论

U.S. dollar exchange rate fluctuations would affect the stability of international financial markets the settlement of international trade as well as reserve asset structure management of countries .

美元汇率的波动 广泛地影响国际金融市场的平稳性、国际贸易结算的稳定性以及世界各国储备资产结构管理。

Longer-term the Chinese have been looking to diversify its massive reserves away from the volatile U.S. dollar .

长期而言，中国一直在寻求多元化其外汇储备，减持波动 剧烈 的 美元。

U.S. dollar hegemony arose from the free market system so it certainly should not rule out the impacts of common interests and free ideology .

美元霸权产生于自由市场体系之中，就必然不应排除自由意识形态和共同利益对 美元霸权的影响。

In addition U.S. dollar may make the growth of the economy of East Asia slow down further .

另外， 美元 贬值也可能使东南亚经济的增长进一步放缓。

As the chart below demonstrates when the U.S. dollar draws near 2.0 standard deviations from its long-term average its correction is sharp and the correlation risk to energy stocks is acute .

如下图所示，当 美元从长期平均数逐渐接近2.0标准差时，便会开始大幅回调，而能源股的相关风险便会加重。

At the same time the U.S. dollar liquidity also experienced excess liquidity before the crisis-the liquidity dried up in the crisis-excess liquidity again in the crisis management issue .

而与此同时， 美元流动性也经历从危机前的流动性过剩危机时期的流动性枯竭危机治理期的流动性过剩的循环过程。