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人民币汇率对供给冲击、需求冲击的价格传递具有不完全性,但其对经济冲击在生产阶段和消费阶段的价格传递效应都较大,因此不能忽视经济冲击通过汇率渠道作用物价水平的波动进而产生的福利效应。人民币汇率对需求冲击的传递效应略大于对供给冲击的传递效应。为此,确保国内需求持续稳定增长、确保一个温和的物价水平是降低汇率波动通过价格传递机制产生福利损失的重要保证,而协调内外经济均衡、转变经济发展方式、调整国民经济结构是长期中完善人民币汇率制度的着力点。
However, the effect of the exchange rate on the supply and demand shocks is not complete. However, the impact of the exchange rate on the price in the production and consumption stages of economic shocks is large. Therefore, it can not be ignored that the impact of the exchange rate fluctuations The welfare effect. The transfer effect of RMB exchange rate on demand shock is slightly larger than that of supply shock. To this end, ensuring a sustained and steady growth in domestic demand and ensuring a moderate price level is an important guarantee for reducing the welfare losses caused by exchange rate fluctuations through price transmission mechanisms. It is in the long run to coordinate the internal and external economic balance, transform the economic development mode and adjust the national economic structure The focus of the RMB exchange rate system.