英语翻译

in July 21,2005,the People's Bank of China announced that reform of the RMB exchange rate would form a mechaism,the RMB exchange rate would no longer be pegged to Dollar singly,but start to carry out a new managed floating exchange rate mechanism,based on market supply and demand,adjusted with reference to a basket of currencies.The reform of the RMB exchange rate mechanism was focused global attention,for the force and consensus from the international social,and its own domestic demand.The succedent implications are positive from a long-term perspective,and the reform will help to improve the exchange rate formation mechanism and the initiative and flexibility of monetary policy,change the growth of economic depending on external demand too much,be easy to correct the imbalances in global economic growth,and make positive contribution to world economic growth.However,the reform of the exchange rate will have some negative impact to a certain extent for the near term,restain the export in a certain extent,reduce employment,and impact the economic growth.Therefore,we must take timely measures to mitigate the adverse eddects and promote the economy grow sustainedly and healthily.