The paper analyzes the present status of foreign trade enterprises using hedging instruments to avoid exchange rate risks since the foreign exchange rate reform restarted,and gives an in-depth analysis of the key affecting factors.We finds that the enterprises' awareness against exchange rate risks have increased significantly and they have strong demands for currency hedging instruments,but there are some problems such as less use of hedging instruments,shortage of tools and high threshold.The effective ways to avoid exchange rate risks are relevant departments make united effort,research and develop hedging tools and promote the internationalization of RMB.

In this paper,we give a comprehensive analysis of the present situation of RMB internationalization,make an in-depth analysis of some main constraint factors of the RMB internationalization by combining with the economic and financial reforming process of China and propose some measures from both macro and micro perspectives.

实证研究了两次金融危机中股票价格的决定因素,实证结果表明传统股票定价理论不能解释股票价格的大幅下降,在金融危机中股票价格由市场中的现金量决定,人民币的升值有助于股票价格的提高。我们运用两组面板数据,支持了cash-in-market pricing理论模型的结论。

跨境人民币结算的快速发展,必然会加速包括外汇市场、资本市场在内的整个金融业开放的节奏,对我国外汇管理制度的完善和创新提出了新的要求。本文从跨境人民币结算的发展现状和趋势入手,剖析了跨境人民币结算对外汇管理提出的新要求,并基于跨期均衡模型分析了跨境人民币结算对一国经济金融活动的影响效应,提出推动跨境人民币结算发展的政策协调建议。

By an empirical analysis of RMB exchange rate's influence on foreign exchange revenue and spending of Shandong province,this article draws the conclusion that the appreciating anticipation of the RMB exchange rate can accelerate the foreign exchange payments surpluses in short term.However,as long as the pressure of RMB appreciation becomes greater,the foreign exchange payment surpluses will begin to decrease in the long run.

外资入股城市商业银行给其带来了较好的发展机遇,但银行毕竟不同于一般的工商企业,外资的进入必然同时带来一系列的外汇管理问题,需要认真加以分析解决.