求翻译：本文通过SVAR模型检验了我国央行冲销成本与冲销干预政策之间的动态关系。实证分析表明，央行在外汇储备流入加剧时，会通过压制国内利率方式以控制冲销成本，并注意根据冲销成本的高低来把控冲销力度，当冲销成本低时加大冲销力度，在冲销成本较高时减少冲销力度。可见，央行确实考虑了冲销成本对冲销干预政策可持续性的影响。但随着市场化的推进与有利于大规模冲销的制度因素的改革，我国央行控制冲销成本的难度将进一步加大，央行冲销干预政策的可持续性将进一步受到削弱与挑战。是什么意思？

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This article examined our country central bank through the SVAR model to reverse the cost with to reverse between the intervention policy the dynamic relations.The real diagnosis analysis indicated, central bank when foreign exchange reserve inflow aggravating, can control through the suppressed dom

This article by SVAR model checking people's Bank of China reverse the dynamic relationship between cost and sterilized intervention policy. Empirical analysis shows that the Central Bank's foreign exchange reserves into the intensified, through repression of domestic interest rates to control the o