本文基于近年来国际收支平衡与传统汇率理论相悖的现象,以汇率不完全传递理论为切入点进行研究,主要从价格刚性、定价策略、经济环境和宏观政策等六个视角解析汇率的不完全传递。论证了不同汇率传递程度的国家应当采用的汇率制度的差异,以及在汇率不完全的大背景下,一国的货币政策应当以稳定国内商品的价格为主。最后,针对性地提出了中国汇率与贸易收支的政策建议。 Based on the phenomenon that the balance of payments is not in accordance with the traditional theory of exchange rate in recent years, this paper studies the incomplete transfer of exchange rate from the perspective of price rigidity, pricing strategy, economic environment and macroeconomic policy transfer. This paper demonstrates the differences between the exchange rate regimes that countries with different levels of exchange rates should adopt and under the background of incomplete exchange rates, a country’s monetary policy should mainly focus on stabilizing the prices of domestic commodities. Finally, it puts forward the policy recommendations of China’s exchange rate and trade balance.