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(一) “效用递减”——近年人民币汇率下调的现状汇率作为各国调节进出口贸易的重要杠杆,在我国完全由国家管理,实行固定汇率。增加出口,适当控制进口,最终达到进出口收支平衡,是我国汇率管理力求达到的目标。自1979年以来,人民币汇率(美元与人民币的比价,下同)已历经八次调整(其中三次为公开调低,五次为内部结算价的下调,参见1989年中国统计年鉴)。1989年12月人
(1) “Declining Utility”—The current exchange rate of RMB exchange rate adjustment in recent years is an important lever for countries to regulate import and export trade. It is completely managed by the state in China and adopts a fixed exchange rate. Increasing exports, properly controlling imports, and ultimately achieving a balanced export and import balance are the goals our country’s exchange rate management strives to achieve. Since 1979, the renminbi exchange rate (the ratio between the US dollar and the renminbi, the same below) has undergone eight adjustments (three of which are publicly adjusted down, and five of which are internal accounting price reductions. See the China Statistical Yearbook 1989). December 1989