A new financial order in Asia: Will a RMB bloc emerge?

The objective of this paper is three-fold. First, the monetary and exchange rate regimes of the Asian countries are described and analyzed. The degrees of flexibility in exchange rates and capital controls vary across countries. Some countries have adopted a flexible inflation targeting framework, while others have pursued exchange rate targeting. The paper presents a new result of a tradeoff between price stability and exchange rate stability in the hyperbolic relationship of Asian countries. Second, a framework that analyzes and quantifies the degree of currency internationalization is proposed and applied to the RMB. In every indicator, the RMB’s weight in private-sector international finance has grown in the last several years, both in the private and public sectors. In the settlement role of currency, the RMB is ranked 8th in the BIS survey and 7th in SWIFT usage. This paper exploits data of a recent period when the RMB became de-pegged from the USD and show some of the emerging Asian currencies co-moving with the RMB, more so than the USD. In the official sector, RMB is also increasing its weight. The Chinese central bank has extended the currency-swap agreements with 30-some countries, so that the RMB can be used for trade finance and liquidity assistance. The RMB is adopted as a composition currency of the Special Drawing Rights (SDR), effective in October 2016, with 10.92%, ranking number 3, surpassing the JPY and GBP. Finally, potential impending changes in the Asian monetary and exchange rate regimes in Asia are discussed. Projecting the growth of the Chinese economy into the future, the weight of the RMB in the financial markets will increase globally as well as in Asia.     

基于软件无线电的WCDMA仿真平台

本文介绍了一种关于3G的仿真平台的研究、开发和验证。结合软件无线电思想，参照3GPP协议，在COSSAP软件包中搭建起一个具有通用结构的、基于第三代WCDMA、FDD方式的下行链路物理层的仿真平台，并进行了Turbo编译码、RAKE接收机等3G关键技术的研究和单路数据业务、单路话音业务及多业务复用时系统性能的仿真验证。仿真结果与相关文献拟合得较好，结果证明可以把它作为进一步研究软件无线电中关键技术的基础平台。     

解读西方“定量宽松”政策与中国的对应

继2009年3月12日瑞士央行入市干预瑞士法郎加速“货币贬值”后,3月18日关联储宣布购买3000亿美元长期国债和1．25万亿美元抵押贷款证券,就此西方进入了“定量宽松”货币政策时期。为应对西方“定量宽松”货币政策的出台和加快国际货币体制的改革,中国人民银行行长周小川提出的在国际货币基金组织（IMF）现有的特别提款权（SDR）基础上,构建“超主权国际储备货币”的建议在经济学界引起了广泛的热议。     

通用一体化测试平台设计

针对航天控制系统灵活性、复用性、可扩展性较差等问题,采用部分动态可重配置和软硬件协同设计等技术,设计了一种基于Microblaze软核的高带宽软件无线电(Software-defined Radio,SDR)通用一体化测试平台。该硬件平台由Kintex7 FPGA与集成式射频(Radio Frequency,RF)收发器AD9371组成,采用Microblaze软核进行功能开发,实现任务调度、功能配置和数据交互;通过Vivado实现测试平台逻辑功能开发,并将功能代码封装成FPGA IP(Intellectual Property)核;最终通过AD9371 RF收发器实现射频数据收发。测试结果表明,该通用一体化测试平台可进行高速率、高带宽数据传输。该平台具有通用性强、互联性强、易操作、易移植等特点,可广泛应用于工业、通信、军事、医疗、汽车、无人机、航天等领域。     

Identification of a basket peg: the model specification controversy

A controversy has been triggered by the Chinese exchange rate regime shift from a single currency peg to an alleged basket peg. The controversy is about the specification of the model used to represent the basket as three models have been used: levels, log levels and first log differences. It is suggested that one way to confirm the validity or otherwise of a model is to use data on the special drawing rights exchange rate since the currency weights are known. The results show that the estimated weights are almost identical no matter which model and which numeraire is used. However, nonnested model selection criteria show that the best model is that written in levels, simply because this is what is used in practice by central banks adopting basket pegs.     

Consolidating the international monetary system:existing defects and reforming avenues

After the Subprime crisis in 2007,the urgent need and intensified interest in the reform of the international monetary system has echoed around the world.This paper seeks to inform the instability and fragility of the system,and the according avenues to reform.     

新常态下我国宏观经济政策框架的重构*

我国宏观经济政策“微刺激”效果下降,而“强刺激”带来了严重后遗症,导致这种状况的关键原因是政策框架在整体上出了问题。重构我国宏观政策框架的战略定位应该包括以下内容：（1）短期应对不断加剧的宏观经济和金融风险;（2）中期应对结构调整的负面冲击;（3）长期构建高效的、可持续的和动态一致的宏观调控模式。重构政策框架的原则性要求包括：（1）宏观经济及金融的稳定性与国际收支平衡应该成为显性目标;（2）财政政策主要指向结构调整期的短期阵痛,货币政策指向宏观经济及金融稳定性;（3）宏观政策应该遵循市场化、可预期的操作模式。在具体策略上可以选择国债市场作为突破口,通过改变国债发行规模和方式,推动国债市场的大发展和大开放,以此拓展整个金融市场的深度和开放程度。     

国际储备货币的中立化探讨

在国际金融体系中,主权信用货币作为国际储备货币的内在缺陷,往往成为引发国际金融危机的重要因素。为了保障国际金融秩序的稳定,必须改革国际金融体系,而改革的重点是国际储备货币的中立化。要实现国际储备货币的中立化,基本前提是国际金融机构的中立化,以及国际金融体系霸权的消除。最终使用没有主权色彩的“一种全球货币”作为国际储备货币,才能促进国际金融与贸易的可持续发展。     

短波射频数字化接收机的设计与实现

针对传统中频数字化接收机复杂度高、灵活性差等问题,设计并实现了一种新型短波射频数字化接收机.该接收机由A/D、数字下变频器(DDC)、DSP、D/A、CPLD等几部分组成,实现了短波信号的射频数字化处理.详细介绍了接收机的设计方案,并对常见的调幅(AM)、等幅报(CW)、单边带(ISB)等信号进行了接收测试.在输入电平为-103～0 dB动态范围内,解调输出质量都能达到12 dB左右信纳得(SND).     

一种全新的区域货币合作形式初探——类似SDR的货币创造

文章指出,建立一个有效的区域货币合作机制,最关键的是保证区域内各目都拥有充分的国际清偿力,其核心之一是作为国际储备基础的本位币选择问题。SDR（特别提款权）的出现给我们提供了一条新的改革思路：这种国际清偿力,不一定来自某个中心国家的货币,也不一定是一系列国家的货币所组成的“篮子”,它可以是一种在关键时刻可以发挥支付功能的“信用”。这种合作形式对缺乏资金且经济基础薄弱的发展中国家而言具有相当大的吸引力。